Export premiums for soyabeans shipped from the US Gulf Coast were firm on Friday on tight supplies of old-crop beans in the export pipeline and improved demand for near term shipments, traders said. The USDA on Friday confirmed private sales of 140,000 tonnes of old-crop soyabeans and 60,000 tonnes of new-crop soyabeans to unknown destinations. Traders said the old-crop sales may be near term shipments to Mexico or Europe.
The bulk of recent US soyabean demand has been for new-crop supplies, largely by top importer China. South American spot prices are at discounts of $12 per tonne FOB or more, according to Reuters data.
Brazil's CONAB crop supply agency raised its corn and soyabean forecasts on Friday.
Truck access to Brazil's main port of Santos will increase over the weekend. A fuel tank fire had delayed deliveries since last week and disrupted 400,000 tonnes of soyabean and soyameal exports.
FOB Gulf soyabeans for April shipments were not well established as some terminals were effectively sold out of loading capacity. May shipments were offered at 80 cents over CBOT May, which closed 2 cents lower at $9.51-1/2 a bushel. The May basis offer gained 8 cents this week.
FOB basis offers for corn were quietly steady, while soft and hard red winter wheat offers were flat on weak demand for US supplies.
US corn is facing stiff competition from rival exporters offering cheaper grain. The strong dollar is making it more difficult for US corn to compete on the world market.
Talk circulated among corn traders that Argentina may issue several million tonnes of corn export permits next week.
China has reached agreements to import 2 million tonnes of Ukrainian corn so far this year under a loan-for-grains deal, above earlier estimates of 600,000 tonnes.
FOB Gulf corn for April was nominally offered at 68 cents over CBOT May futures, which closed 1 cent lower at $3.77 a bushel. May offers were unchanged at 65 cents over.
FOB Gulf SRW wheat for April shipment was offered at 110 cents over CBOT May futures, which closed 7-3/4 cents higher at $5.26-1/2.
FOB Gulf HRW wheat offers for April and May were flat at 130 cents over KCBT May futures, which ended 7-1/4 cents higher at $5.58-3/4.
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