US FOB Gulf soyabean basis offers were steady in quiet trade after futures climbed nearly 20 cents in a post-Christmas spec-led rally on Friday, traders said. FOB corn and wheat basis values were also unchanged, with inquiries dead quiet after the holiday. Traders quoted FOB January unchanged at 98 cents over CBOT January, which ended 18-3/4 cents up at $10.47-1/2.
The soya market remains soft as China's buying of US soyabeans has peaked for the season. Traders are monitoring China ports and how well the huge soya shipments now arriving are being absorbed. The Gulf barge market was weaker on Friday amid waning export demand and lower barge freight, traders said. FOB HRW and SRW wheat basis values remain under pressure as pricey US wheat is uncompetitive in world markets. Traders on Friday were not hopeful of demand picking up any time soon despite the uncertainty over Russian wheat exports given cheaper supplies in other major exporters, namely Europe and the Black Sea region.
Even with Russia's new wheat export tax of some $43 per tonne beginning February 1, US wheat - at current prices - remains uncompetitive, traders said. HRW wheat offers for January at the Texas Gulf were unchanged at 130 cents over KCBT March, which ended 1/4 cent up at $6.44-1/4 a bushel. SRW wheat January offers at the New Orleans Gulf were steady at 130 cents over CBOT March, which ended 3/4 cent lower at $6.10-3/4.
FOB corn offers were unchanged, with January quoted at 70 cents over CBOT March, which ended 7 cents higher at $4.14-3/4. USDA's weekly export sales report is delayed until Monday due to the Christmas holiday. Traders estimate 2014/15 export sales in tonnes: wheat 250,000-450,000, corn 500,000-800,000 and soyabeans 450,000-650,000. Additionally, the report could include a sale of 1.5 million tonnes of 2015/16 soyabeans sold to China, traders said.
Comments
Comments are closed.