US FOB Gulf soyabeans basis offers were stronger after the close on Thursday, adding to gains in futures markets driven by a US Agriculture Department's (USDA) export sales report that jolted markets, traders said. Corn basis offers were also firmer as some loading capacity freed up and country corn sales light as farmers focus on harvesting soyabeans, traders said.
Wheat values were quietly steady, with the spotlight on the Midwest corn and soyabean harvest and red-hot demand for the crops coming off the field by domestic and foreign buyers. USDA reported net sales of soyabeans for the week ended October 16 at 2.2 million tonnes, compared with the top end exporter guesses at 1.0 million tonnes. Sales included 1.7 million tonnes to China and shipments of 1.3 million. Traders queried USDA on the accuracy of the figures, which they said could not add up given the lack of daily sales announcements in the past week. Exporters, by law, must report sales of 100,000 tonnes of one commodity by one exporter to one destination within 24 hours. USDA stood by the numbers after the report.
USDA on Thursday also reported a sale of 118,000 tonnes of 2014/15 soyabeans to China in the past day. Soyabean FOB offers for November were up 2 cents at 160 cents over CBOT November soyabeans, which closed 30-1/2 up at $9.93-1/4. December FOB offers were also up 2 cents. USDA corn sales of 1.013 million tonnes were down 1 percent from the four-week average and shipments of 676,700 tonnes were affected by the dominance of soyabean loadings at the Gulf, traders said.
Corn sales included 576,200 tonnes to unknown. China loaded 5,500 tonnes and continues to be the subject of speculation about when it might return to the US for corn in bulk. China has been mostly absent because of a controversy over an unapproved GMO corn strain, but continues to buy large amounts sorghum to make up for corn as livestock feed. China booked 179,700 of sorghum last week and shipped 239,800 tonnes. FOB Gulf corn offers for November were up 5 cents at 110 cents over CBOT December, which ended 6-3/4 up at $3.59-3/4. December offers were up 10 cents.
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