US FOB Gulf soyabeans premiums mostly steady

Export premiums for soyabeans shipped from the US Gulf Coast were mostly steady on Thursday, underpinned by demand from China for near-term shipments, but capped by competition from South American suppliers early next year, traders said. China has been booking routine purchases of US soyabeans mostly for December and January shipment from the Gulf and Pacific Northwest. Soya crush margins are below break-even in some parts of China, but have improved in recent days, traders said.
US soyabean demand remains restricted by expectations for another large South American crop that will become available in early 2016. China bought a cargo of Brazilian beans this week for late January shipment, which could be sourced with early harvested beans, a trader said. The USDA on Thursday confirmed private sales of 132,000 tonnes of US soyabeans to China for 2015-16 delivery.
Corn and wheat export premiums were flat on generally slow demand, although traders hoped a downturn in the US dollar on Thursday helps generate increased demand. The US dollar index plunged more than 2 percent on Thursday to a one-month low. FOB Gulf soyabeans for December shipment were offered about 75 cents a bushel over CBOT January futures, which closed 5-1/4 cents higher at $8.97-1/2 a bushel.
December corn offers were 62 cents over CBOT March futures, which closed 6-3/4 cents higher at $3.77 a bushel. Spot shipments of soft red winter wheat at the Gulf were offered at about 78 cents over CBOT March futures, which closed 11-1/2 cents higher at $4.78-3/4 a bushel. December hard red winter wheat offers were 105 cents over March futures, which closed 10-1/2 cents higher at $4.76-1/2 a bushel.