US soyabean export premiums were flat at Gulf Coast terminals on Friday amid steady demand, and corn premiums were mostly unchanged, traders said. Export demand for US soyabeans is expected to taper off starting in late February as large Brazilian harvests begin increasing competition for global business. Export sales of US soyabeans last week were 611,000 tonnes, in line with forecasts ranging from 550,000 to 750,000 tonnes, the US Department of Agriculture said on Friday.
However, expectations for a huge crop of soyabeans from South America to flood the global market helped push US soyabean futures to a one-month low. Corn and wheat futures fell to their lowest levels in three weeks. Weekly US corn export sales of 895,000 tonnes topped expectations for 600,000 to 800,000 tonnes, and the USDA separately said exporters had struck deals to sell 210,000 tonnes of US corn to Japan.
China is seeking US cargoes of distillers' dried grains, a corn by-product, for shipment in February and March, as easing import restrictions have reopened the most lucrative market for the protein-rich animal feed, traders said. FOB January soyabean offers were quoted at 92 cents a bushel over CBOT March, unchanged from Wednesday. No quotes were reported on Thursday due to the New Year's holiday. January corn offers FOB Gulf rose a penny to 63 cents over CBOT March futures. SRW wheat January offers at the Louisiana Gulf were unchanged at 130 cents over CBOT March. Deferred offers rose. HRW wheat offers for January at the Texas Gulf were steady at 130 cents over KCBT March.
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