US soyabean export premiums at the Gulf of Mexico held mostly steady on Thursday, with values underpinned by steady Chinese demand for new-crop supplies and tight old-crop stocks, traders said. Nearby CIF soyabean barge basis bids eased on Thursday as a slowdown in demand for old-crop shipments and looming new-crop Delta soyabean supplies from the US discouraged aggressive bidding by exporters.
CIF July soya barges were bid 85 a bushel over CBOT August futures, down 7 cents from late Wednesday and 13 cents from a week ago. Gulf FOB offers for soybeans were scarce for July shipment and steady with firm tone in deferred months. Traders said August basis offers on Thursday were steady at 110 cents over CBOT August, up about 5 cents from early in the week. USDA said private exporters sold 110,000 tonnes US soybeans to South Korea for 2010/11 delivery.
Argentina imposed fresh anti-dumping levies on Chinese textiles Thursday, which could escalate trade dispute which has shut off Argentine soyaoil imports by China. Some traders speculated that China may block Argentine soyabean shipments next as the trade spat escalates, which could bolster demand for US soybeans.
US Gulf corn export premiums were flat on Thursday amid routine demand and burdensome supplies of subpar quality old-crop US corn, traders said. Nearby FOB offers for No 2 corn were unquoted as exporters were struggling to source high-quality supplies needed for blending.
US wheat export premiums were steady to weaker, easing in tandem with lower CIF values. Basis pressured by surging futures and sluggish export demand, traders said. Eye on worsening drought in Black Sea region's wheat producers, which are key competitors with the United States in the export market. Trade talk intensifying about lower Russian wheat exports, but officials have downplayed. Ukraine likely to cut 2010/11 grain exports to 16 million tonnes from 21.5 million in 2009/10 as harsh weather slashed production.