Export premiums for soyabeans shipped from the US Gulf Coast were unchanged on Friday but slightly firmer on the week as good demand from mostly top importer China has supported values despite expectations for a record US crop, traders said. Farm newsletter Pro Farmer on Friday projected US soyabean production at a record 4.093 billion bushels, above the US Agriculture Department's forecast for 4.060 billion.
Slow soya harvest progress and concerns about flood-related crop damage in the US Delta region underpinned prices for near term export shipments. Premiums for soyabeans delivered by barge to Gulf terminals hit a 21-month peak this week.
Corn export premiums at the Gulf were flat on light end-of-week demand. Sinking Argentine and Ukrainian corn prices are creating headwinds for US shipments, traders said.
Wheat export premiums were quietly steady, with US shipments struggling to compete with cheaper Black Sea wheat. US wheat futures plunged to a 10-year low on Friday, pressured by abundant global supplies as well as technical and fund selling.
The International Grains Council on Thursday raised its estimate of world 2016-17 wheat production to 743 million tonnes and said 2016-17 global production of combined wheat and coarse grains for should reach an all-time high.
Egypt's GASC bought 180,000 tonnes of Russian wheat via a tender on Friday. Only Black Sea wheat was offered in the tender.
FOB basis offers for soyabeans loaded in late September were about 145 cents a bushel over CBOT November futures, which closed 8-1/4 cents lower at $9.67-1/4 a bushel.
Late September corn shipments were offered at about 100 cents over CBOT September futures, which closed 7-1/4 cents lower at $3.16-1/4.
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