Soyabean export premiums at the US Gulf Coast surged on Thursday as persistent delays in getting Brazilian crops to overseas buyers fuelled demand for US supplies, traders said. FOB offers for soyabeans delivered in April rose by 21 cents per bushel, while May offers gained 7 cents.
Dealers said that there were no offers for March soyabeans due to the razor-thin supply situation. Country movement of soyabeans to elevators and river terminals around the Midwest was thin. Cash prices reached $15 per bushel in some locations, spurring light sales, grain dealers said.
The US Agriculture Department said on Thursday morning that soyabean export sales were 1.383 million tonnes, topping expectations for 900,000 to 1.25 million. A week ago, soyabean export sales were 1.171 million tonnes. FOB offers for corn eased as high prices have cut export demand despite the slowdown in South American crops hitting the market.
Corn offered for April delivery dropped by 4 cents to 74 cents a bushel over the Chicago Board of Trade May futures contract. May offers for corn were down 6 cents from Thursday. Wheat offers held steady, but traders said activity was light. USDA reported export sales of corn of 156,600 tonnes in the latest week, down from 512,600 a week before and well below the range of analysts' forecasts for 450,000 to 650,000.