Export premiums for soyabeans shipped from the US Gulf Coast were mostly steady on Thursday, underpinned by higher CIF barge basis values but capped by seasonally slow demand, traders said. CIF soyabean basis values for late April to June barge loadings were up 1 to 3 cents per bushel on Thursday amid a slowdown in soyabean movement due to lower prices and on concerns about thinning supplies as spring field work accelerates, traders said.
April soya barges traded as high as 77 cents over Chicago Board of Trade May futures, the highest spot CIF basis in three weeks.
The firmer CIF values kept a floor under Gulf FOB offers, despite generally slow export demand.
Top importer China is booking the bulk of its soya purchases from South America, where farmers are harvesting bumper crops. Chinese importers on Thursday sought bids for August and September shipments from Brazil, traders said.
FOB Gulf corn basis offers held steady near recent highs amid a lull in demand, traders said. Export sales last week were on the high end of trade expectations, with Japan, South Korea and China the largest buyers, according to USDA data.
US Gulf corn is competitively priced in the June and July shipping positions. High new-crop prices have limited deferred sales, traders said.
Export premiums for wheat shipped from the US Gulf Coast were flat on slow demand for uncompetitively priced US grain, even as some prices fell to multi-year lows.
Global wheat prices have been pressured by ample global supplies and favourable winter wheat weather in some key growing areas, including the US winter wheat belt, and the lower prices are attracting fresh demand, traders said.
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