Export premiums for soyabeans shipped from the US Gulf Coast were mostly unchanged on Thursday amid slowing demand for old-crop shipments and rising demand for post-harvest supplies, traders said. Exporters expect soyabean shipments to accelerate in the coming weeks as previously sold cargoes are loaded. But fresh demand for old-crop supplies has slowed and world buyers are beginning to lock in purchases of new-crop US soyabeans.
Net new-crop soyabean export sales last week topped 1 million tonnes for the first time of the season, according to US Department of Agriculture data. Trading of CIF soya barges accelerated on Thursday as exporters sought fresh supplies to fill sales needs, traders said. Soya barges loaded in the first half of August traded at 81 cents a bushel over Chicago Board of Trade August futures while full-month August barges traded at 80 cents over futures, traders said. Also, November barges traded 85 cents over CBOT November and December barges traded 83 cents over CBOT January.
FOB corn basis offers at the Gulf were steady, underpinned by moderate demand for US shipments following recent price declines and limited offers from South America, traders said. A trucker strike in Argentina has paralyzed grain deliveries to export terminals this week. Three trucks entered Rosario in the first seven hours of Thursday versus 3,321 in the same period a week earlier. Wheat export premiums at the Gulf were quietly steady.
Soyabean export premiums for August shipments were 100 cents a bushel over CBOT August futures, which closed 5-1/2 cents higher $10.32-1/2 a bushel. August corn shipments were offered at about 105 cents over CBOT September futures, which closed 3-1/4 cents lower at $3.34-1/4 a bushel. Spot soft red winter wheat shipments were offered at about 65 cents over CBOT September futures, which closed 4-3/4 cents higher at $4.17-3/4 a bushel. Spot hard red winter wheat offers were about 105 cents over September futures, which closed 3/4 cent higher at $4.07-1/2 per bushel.
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