Soyabean export premiums for shipments from the US Gulf Coast jumped on Wednesday along with higher CIF barge basis values, rising prices in Brazil and heavy harvest-time rains in Argentina, traders said. CIF soyabean basis bids gained as much as 5 cents a bushel, sending offers in some export loading slots higher as exporters' costs increased.
Recent strength in the Brazilian real has limited farmer selling interest and supported cash prices there, traders said. Still, exporters have been actively booking sales to China, mostly for August shipment, they said. Much of Argentina's soya crop has been swamped by 20 days of merciless rain, threatening a loss of supply, and the harvest pace is the slowest in a decade.
Corn export premiums were about steady on moderate demand from traditional customers and hopes for near term sales to Brazil, which suspended an import tax on Tuesday. The USDA on Wednesday confirmed private sales of 136,000 tonnes of US corn to unknown destinations for 2015/16 delivery. It was the third large corn sale to an undisclosed buyer since Friday.
Gulf wheat export premiums were quietly steady on light demand. The USDA is scheduled to release its weekly export sales report on Thursday. Analysts expect old-crop corn sales of 900,000 to 1.2 million tonnes and old-crop soyabean sales of 200,000 to 500,000 tonnes. April corn offers were not well defined as most available loading capacity at Gulf elevators was sold out. FOB corn offers for early May shipment were 57 cents over CBOT May futures, which ended 10-1/4 cents higher at $3.94-3/4 a bushel.
April soyabean offers were unquoted. First-half May offers were around 48 cents a bushel over CBOT May, which closed 24-1/4 cents higher at $10.09-3/4 a bushel. Last-half May offers were 52 cents over futures. Spot soft red winter wheat was offered at about 60 cents over CBOT May futures, which closed 18 cents higher at $5.04-1/4 a bushel. Spot hard red winter wheat offers were about 85 cents over May futures, which closed 16-1/2 cents higher at $4.93-1/4 a bushel.
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