Export premiums for soyabeans shipped from the US Gulf Coast held mostly steady on Thursday amid ample supplies from a likely record-large US harvest and strong demand from China, traders said. Chinese buyers have booked several cargoes of US Gulf soyabeans this week for mostly November and December shipment. The top importer inquired about further purchases on Thursday, a trader said.
Net US soyabean export sales last week topped trade expectations at more than 2.5 million tonnes, their highest weekly level in nearly three months, according to US Department of Agriculture data. In addition, the USDA on Thursday confirmed private sales of 120,000 tonnes of US soyabeans to unknown destinations, 60,000 each for 2016-17 and 2017-18 delivery.
US Gulf corn export premiums held steady on solid export demand, mostly from traditional customers such as Mexico. Corn export sales hit a one-month high last week, according to USDA data. The agency also announced 136,000 tonnes sold to South Korea and 432,000 tonnes to Mexico on Thursday.
Wheat export premiums were flat on muted demand. November US soyabean shipments were offered at about 74 cents a bushel over Chicago Board of Trade January futures , which closed 3 cents higher at $9.89-1/2 a bushel. November corn shipments were offered at 77 cents over CBOT December futures, which closed 1-3/4 cents higher at $3.48 a bushel.
Offers for November soft red winter wheat shipments were about 87 cents over CBOT December futures, which settled 5-3/4 cents lower at $4.12 a bushel. Spot hard red winter wheat cargoes were offered at 128 cents over December futures, which closed 5 cents lower at $4.10-1/2 a bushel.
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