Export premiums for soyabeans shipped from the US Gulf Coast were flat to lower on Thursday on seasonally slowing demand as exports of new-crop South American soyabeans were offered at lower prices, traders said. Soyabean demand from top importer China is abruptly shifting to Brazil and Argentina. China has booked numerous Brazilian cargoes this week for February and March shipment and several Argentine cargoes for March and beyond amid improving domestic crush margins, traders said.
The USDA on Thursday confirmed the cancellation of 395,000 tonnes of private US soyabean sales to China for the 2015/16 marketing year. Traders said some cancellations are expected during this time of the year as the South American harvest advances. Soyabean buying by China is expected to slow in early February as markets there will be closed for New Year celebrations in the week of February 8.
US corn export premiums were mostly unchanged as CIF barge basis values firmed amid a slowdown in farmer selling and on moderate demand for late-winter and early-spring shipments from regular buyers such as Japan and Mexico. Chinese companies ordered around 1.2 million tonnes of mostly Ukrainian corn for shipment in the first quarter of the year, a government think tank said. The purchases included two cargoes of US corn as well, a trade source said.
China will cut domestic corn prices to spur demand and reduce cheaper imports, a senior government official said Thursday. The USDA's weekly export sales report is scheduled for release early on Friday. FOB Gulf soyabeans loaded in late February were offered at 82 cents a bushel over CBOT March futures, which closed 15-1/4 cents lower at $8.67-3/4 a bushel.
Corn offers for late February shipment were around 71 cents over CBOT March futures, which ended 3-3/4 cents lower at $3.65-1/2 a bushel. February and March shipments of soft red winter wheat at the Gulf were offered at about 70 cents over CBOT March futures, which closed 4-1/4 cents lower at $4.72-1/4 a bushel. Spot hard red winter wheat offers were about 115 cents over March futures, which closed 2-3/4 cents lower at $4.64-3/4 a bushel.
Comments
Comments are closed.