Soyabean export premiums for shipments from the US Gulf Coast were mostly steady to firm on Friday, supported by higher acquisition costs for exporters as CIF barge basis values climbed, traders said. A strengthening Brazilian real is eroding the competitive advantage the country's soyabean exports typically enjoy during its harvest, bolstering expectations for late-season US export sales, traders said.
Thousands of protesters rallied in the streets of Brazil amid a deepening political crisis and corruption probe in the world's top soyabean-exporting nation. Stevedores in Brazil's Santos port are planning a 24-hour strike on Monday, demanding wage hikes. US corn export premiums were mostly steady on Friday amid moderate demand for near-term shipments from traditional US customers, traders said. Surging Argentine corn exports are challenging the traditional dominance of US corn in global markets. FOB Gulf soyabeans loaded in April were offered at around 49 cents a bushel over CBOT May futures, which closed 1/4 cent lower at $8.97-1/2 a bushel.
Corn offers for April shipment were about 48 cents over CBOT May futures, which ended 1-1/2 cents lower at $3.67 a bushel. Spot shipments of soft red winter wheat at the Gulf were offered at about 60 cents over CBOT May futures, which closed 1/2 cent higher at $4.63 a bushel. April hard red winter wheat offers were about 85 cents over May futures, which closed 1-1/4 cents lower at $4.69-1/2 a bushel.
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