Export premiums for soyabeans shipped from the US Gulf Coast were mostly lower on Friday due to stiff competition from South American supplies and weak demand amid the Lunar New Year holiday, traders said.
Top importer China is increasingly booking soya purchases from South America, where a bumper harvest is keeping prices low, traders said.
Soyabean export trade is expected to be lighter than normal over the next week as buyers in China are away from their offices for the Lunar New Year holiday.
US exporters noted light demand from European importers, but could not confirm any fresh purchases on Friday.
FOB basis offers for February shipments of soyabeans were 45 cents a bushel above Chicago Board of Trade March futures, down 2 cents.
Corn export premiums were mostly steady, underpinned by moderate demand and tight loading capacity at Gulf terminals, traders said.
US corn competitively priced on the global market for near-term shipments, but newly harvested South American grain will compete for demand in April and beyond.
Corn shipments from the Gulf in late February were offered around 73 cents a bushel over CBOT March futures, steady with the prior day.
Wheat premiums were mostly steady to firm as a lack of available loading capacity at the Gulf Coast and the Pacific Northwest elevated spot prices, traders said. Winter weather has delayed PNW loadings while fog has hindered operations at the Gulf.
Offers for February SRW wheat shipments were unchanged at 85 cents over March futures while HRW shipments were up 5 cents at 140 cents over March futures.
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