US FOB Gulf soyabean offers were marked up 5 cents for February/March loadings after the close, with continued fill-in buying from China ahead of South American shipments and lower CBOT futures supporting the gains, traders said on Tuesday. Corn basis offers for March were unchanged but eased 2 cents for second quarter loadings after CBOT futures closed higher on spreading and USDA's lower US end stocks forecast.
Wheat basis offers were unchanged as futures sank on USDA's higher revisions on projected domestic and world end stocks. FOB Gulf soyabeans for February loadings were up 5 cents at 107 cents over CBOT March, which closed down 9-1/2 cents at $9.69 a bushel. March offers were also up 5 cents at 90 cents over March, with traders saying China was booking new-crop loadings but still needed to bridge shipments for the pipeline.
FOB soya quotes for April/May were weaker with April down 1 cent at 69 cents over CBOT May and May down 2 cents at 66 cents over CBOT May, reflecting the switch in Chinese buying. FOB Gulf corn for February was unchanged at 75 cents over CBOT March, which closed up 3-1/4 cents at $3.88. March loadings were at 70 cents over March but April/May and forwards were marked lower on the outlook for South American shipments hitting the pipeline. FOB April and May corn were both offered 2 cents lower at 65 cents over CBOT May.
US corn end stocks forecast was down 50 million bushels with USDA citing a higher revision in ethanol use. US wheat markets remain in the doldrums with USDA raising both US and world wheat end stocks and projecting world wheat production at another record high and the strong US dollar, continue to hamper wheat export demand. USDA lowered projected US exports another 25 million bushels on Tuesday. US FOB SRW wheat for March was unchanged at 125 cents over CBOT March, which ended down 8 cents at $5.21-3/4. FOB HRW wheat at the Texas Gulf for February-March was unchanged at 140 cents over KCBT March, which closed 9-1/2 cents lower $5.54.
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