US soyabean export premiums at the Gulf of Mexico on Tuesday were firm for February shipments amid tight loading capacity, but steady to weaker in deferred slots as world supplies were set to soar with a record-large South American crop, traders said.
Exporters have a good supply of soyabeans on hand for December, but need more supplies for January and beyond. Slow farmer selling amid sinking futures prices this week sent CIF January soya basis bids up 5 cents a bushel on Tuesday. Buyers seen progressively winding down purchases of US soyabeans. Nearby Gulf capacity sold out and looming record South American crop encouraging buyers to wait to buy.
Generally favourable soya crop development weather this week in South America. Rosario grains exchange pegs Argentine 2009/10 soya crop at record 50.8 million tonnes amid record-large planting area and improved yields. Taiwan's BSPA seeking two cargoes of soyabeans, first for shipment in February for US origin only, second in March for US or Brazilian. Traders said US soyabeans are competitively priced through March compared with Brazilian supplies so US prospects are good in the BSPA tender.
US corn export premiums at the Gulf were mostly steady to firm on Tuesday. Nearby offers were scarce due to lack of available capacity, offers for February were firm because capacity is very tight, traders said. USDA said private exporters sold 176,000 tonnes US corn to Mexico for 2009/10 delivery.
South Korea's KOCOPIA seeking 55,000 tonnes GMO corn from several origins for March 30 arrival. US wheat export premiums were unchanged amid quiet trade ahead of the Christmas holiday. US wheat prices are the highest among major exporters so export prospects remain dim aside from routine business to regular customers, traders said.