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Export premiums for soyabeans shipped from the US Gulf Coast held steady on Monday, underpinned by moderate export demand from China for near-term shipments, traders said. The USDA confirmed private sales of 324,000 tonnes of US soyabeans to China and 132,000 to unknown destinations for shipment in the 2016-17 marketing year.
Narrowing crush margins in China, however, could cool demand this week. Soyabean and soya product prices in China plunged on Monday. A sinking Brazilian real has unleashed a wave of active farmer sales of soyabeans, which weakened offers in Brazil and increased competition for US shipments, traders said. China has booked numerous cargoes of new crop shipments from Brazil in recent days, they said.
Corn and wheat export premiums were flat on light demand, with recent strength in the US dollar limiting buying interest by those holding other currencies. The dollar index hit an 11-1/2-month high on Monday. November US soyabean shipments were offered at about 69 cents a bushel over Chicago Board of Trade January futures , which closed 1-3/4 cents lower at $9.84-1/4 a bushel.
November corn shipments were offered at 68 cents over CBOT December futures, which closed 3 cents lower at $3.37-1/4 a bushel. Offers for November soft red winter wheat shipments were about 95 cents over CBOT December futures, which settled 9 cents lower at $3.94 a bushel. Spot hard red winter wheat cargoes were offered at 128 cents over December futures, which closed 7-1/2 cents higher at $4.02-3/4 a bushel.

Copyright Reuters, 2016

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