US FOB Gulf soyabean basis offers were higher on Thursday on strong demand for new-crop supplies and tight autumn export capacity, while corn premiums were also firmer, traders said. Export loading capacity for October and November was nearly sold out following strong forward sales of soyabeans and soyameal.
Soyabean sales to China this week have been the strongest since at least January, with shipping periods from late August to January 2015. At least two or three more cargoes traded on Thursday, exporters said. The US Department of Agriculture early on Thursday confirmed private sales of 708,000 tonnes of new-crop soyabeans to China. It was one of the largest single day sales on record.
An early week rebound in soyabean prices at the Chicago Board of Trade triggered some farmer selling in Brazil and Argentina, weakening basis there. But US soyabeans for September and beyond remained the least expensive on the world market on a FOB basis. Corn export demand was routine as some importers were avoiding booking large sales as prices have been dropping owing to an expected bumper US crop. Many importers were well-covered for their immediate needs.
Wheat export premiums were mostly steady amid slow demand and ample available supplies around the world. Exporters are monitoring tensions between Ukraine and pro-Russia separatists after the downing of a Malaysian airliner in eastern Ukraine with 295 people aboard. Ukraine and Russia are the Black Sea region's top grain exporters.
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