US FOB Gulf soyabean premiums weaker on dull demand

Export premiums for soyabeans shipped from the US Gulf Coast were steady to weaker on Friday as futures prices jumped and as demand for near-term US shipments remained light, traders said. Brazilian export premiums were firmer on Friday as a stronger currency slowed farmer selling. The real surged after former President Luiz Inacio Lula da Silva was questioned in an investigation of a bribery and money laundering scheme.
US soyabeans remained uncompetitive with South American new-crop prices despite the rise in Brazilian premiums, keeping demand for near-term US shipments low, traders said. New-crop US soyabean premiums were firmer on an uptick in export demand. CIF barge basis values jumped by 4 to 5 cents a bushel on Friday as at least one new-crop US cargo was sold, a trader said.
US corn export premiums were mostly unchanged on tepid demand and as an increase in farmer selling on Friday capped CIF basis values. Traders are monitoring China's upcoming National People's Congress meeting for updates on the domestic corn price, which could impact its import program. FOB basis offers for wheat were flat on dull demand as rival suppliers offered shipments at lower prices.
Egypt, the world's top wheat importer, will continue to send quarantine officials abroad to inspect purchased cargoes at loading ports, the agriculture ministry said. The USDA is scheduled to release its monthly supply and demand forecasts next Wednesday. Analysts, on average, expect higher US and world 2015/16 corn and soya ending stocks, and higher corn and soya crop output in Brazil and Argentina. FOB Gulf soyabeans loaded in April were offered at around 46 cents a bushel over CBOT May futures, which closed 14-3/4 cents higher at $8.78-1/2 a bushel.
Corn offers for April shipment were about 50 cents over CBOT May futures, which ended 1-3/4 cents higher at $3.58-1/4 a bushel. Spot shipments of soft red winter wheat at the Gulf were offered at about 55 cents over CBOT May futures, which closed 1 cent higher at $4.60-3/4 a bushel. April hard red winter wheat offers were about 100 cents over May futures, which closed 2-3/4 cents higher at $4.68-3/4 a bushel.