Soyabean export premiums at the US Gulf Coast were steady on Thursday, underpinned by tight near-term stocks, but anchored by a sharp jump in futures prices, which limited fresh demand. The US Department of Agriculture reported old-crop US soyabean export sales at a surprisingly high 317,200 tonnes, mostly to undisclosed destinations.
Marketing-year-to-date old-crop shipments were just 179,000 tonnes away from the USDA's full-season forecast with 2-1/2 months remaining in the 2013/14 season. A subsequent futures rally, led by nearby contracts, blunted new demand in the export market. Chicago Board of Trade July beans gained 1.5 percent to $14.37 a bushel, a two-week high.
FOB July soyabeans at the Gulf were offered at 98 cents over CBOT July, steady, while August, which will see some new-crop supplies trickle in, was unquoted. September shipments were offered 165 cents over November futures, also steady. FOB corn export premiums at the Gulf were unchanged on routine demand, with some buyers heading to the sidelines ahead of Monday's US Department of Agriculture quarterly stocks and acreage reports.
Soft red winter wheat export premiums at the Gulf were mostly steady after rising a day earlier on concern about tight free supplies of No 2 quality grain. Buying interest from Brazil underpinned hard red winter wheat values. Traders said the country might have booked two July shipments on Thursday. Brazil cut its import tariff for one million tonnes of wheat originating outside of the Mercosul trading bloc from 10 percent to zero. Jordan set a tender to buy 100,000 tonnes of hard milling wheat, with a deadline of July 2.
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