US soyabean export premiums at the Gulf of Mexico remained firm on Thursday, supported by tight nearby supplies and strong demand, while corn basis offers were flat with a weak tone, traders said. Wheat export premiums were about unchanged, with values capped by plentiful world supplies and generally lacklustre demand, traders said.
Nearby soyabean supplies exceptionally tight due to late harvest following spring planting delays, slow crop development this summer. Competition for limited supply elevates spot values for CIF barges supplying the Gulf export market. CIF August soyabean barges on Thursday traded 200 to 210 over CBOT November, up from 175 over on Wednesday and 135 over last week, traders said. Chinese demand for new-crop US soyabeans remains solid, but pace of sales this week has slowed from last week. China has bought about 4 to 6 cargoes this week, versus more than 15 last week, traders said. Taiwan's BSPA passes on a tender to buy 40,000 to 60,000 tonnes US or Brazilian soyabeans for 2009/10 marketing year shipment due to high prices.
Corn export premiums weak as CIF values slip amid sufficient nearby supplies and ahead of big new-crop harvest, but export demand remains solid, traders said. CIF August corn barges bid 56 cents over CBOT September, down from 58 over on Wednesday and 62 cents early this week. USDA said private exporters reported sale 105,000 tonnes US corn to South Korea for 2009/10 marketing year delivery. Abundant global supplies and dull demand hanging over wheat values. International Grains Council raises world wheat production estimate for 2009/10 to 662 million tonnes, up from a previous forecast 654 million.