Soyabean export premiums at the US Gulf Coast were mostly steady to lower on Thursday on seasonally slowing demand for US supplies as importers are increasingly turning to less expensive South American soya, traders said. Spot CIF soyabean basis bids retreated again on Thursday after hitting a one-month high earlier this week on strong demand for near term supplies.
The nearby FOB basis was about 2 cents per bushel lower, although traders said spot demand was scarce amid considerably lower prices in Brazil. Still, concerns about an ongoing trucker strike in Brazil kept a floor under soya export premiums. A spokesman for Brazil's large Paranagua port said soya loadings could continue until March 2 with supplies on site, while officials at some other terminals said operations were somewhat impacted. Chicago Board of Trade soyabean futures climbed on worries about the trucker strike, with March soya closing up 16-1/4 cents at $10.24 a bushel. US soyabeans shipped in March from the Gulf Coast to China were about $14 per tonne above Paranagua to China shipments, according to Reuters data.
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