US soyabean export premiums at the Gulf of Mexico were mostly steady to firm on Monday as solid demand continued to underpin basis values despite rising futures prices, traders said. Exporters mostly sold out of soyabeans through January so nearby offers were scarce.
Late February offers firm as demand remains solid while South American supplies for that shipment period will be very limited. Recent stronger-than-expected demand from China offers underlying support to soyabean market despite looming record South American new crop expected next spring.
Good weather in Brazil has accelerated soyabean planting, with record-large crop expected. Poor weather, fog at the US Gulf slowing some loading, unloading and movement of barges and ocean-going vessels, traders said. US Agriculture Department said weekly soyabean export inspections at 53.608 million bushels, corn at 28.088 million, both within trade estimates.
Wheat export inspections below projections at 13.035 million bushels. US corn export premiums eased slightly in tandem with sinking CIF barge market values, pressured by lackluster demand and ample supplies. Pipeline well supplied following recent heavy post-harvest movement of corn to market. Nearby CIF corn barge basis fell 2 to 3 cents a bushel on Monday.
Rising futures prices keeping some buyers on the sidelines on Monday. Spot corn on the Chicago Board of Trade up 6.7 percent since hitting 5-1/2 week low last week. However, USDA early on Monday reported private sale of 116,000 tonnes US corn to unknown buyer for 209/10 marketing year delivery.
US soft red winter wheat export premiums were flat on Monday and hard red winter wheat premiums were steady to lower amid sluggish export demand and ample supplies, traders said. Routine demand for US wheat from regular Asian customers, but demand from other importers poor. High prices, freight costs continue to damped US wheat export prospects.