Soyabean export premiums at the US Gulf Coast were mostly steady on Friday in quiet end-of-week trade, with nearby values underpinned by tight supplies in the export pipeline, traders said. Few offers quoted for near-term soyabean shipments from the Gulf amid uncertainty about available supplies. Delta harvest being delayed by rain and few northern beans available.
Demand inquiries from China were muted on Friday. The top importer was estimated to have booked between 5 and 10 soyabean cargoes this week, trade sources said. Nearby FOB soyabean basis offers at the Gulf were about steady with a week ago. Spot offers were up about 15 cents a bushel from the same time last year, largely due to depleted South American supplies.
US corn export premiums at the Gulf were mostly flat to lower, weighed down by poor export demand as rival suppliers were offering grain at large discounts to US corn. Spot FOB basis offers were down about 5 to 10 cents from a week ago and down about 35 cents from a month ago amid ample supplies from the southern US harvest and dull demand from global buyers.
Brazilian corn prices were at least $35 per tonne less expensive than US Gulf prices on a FOB basis for nearby shipments. Wheat export premiums at the Gulf Coast were unchanged in quiet trade, with US wheat prices uncompetitive in the world market. Concerns about a potential Russian grain export shutdown late in the year or early next year has underpinned prices this week. However, nearby demand for low cost Black Sea grain remained robust.