Soyabean export premiums at the US Gulf Coast were little changed on Friday amid higher futures prices and solid export demand for early 2014 shipments, traders said. Nearby FOB basis offers were unquoted as loading capacity at the Gulf was effectively sold out through at least mid-December.
Top importer China was in the market this week for January through March shipments. The US Department of Agriculture on Friday confirmed private sales of 115,000 tonnes US soyabeans to China, which traders said was for shipment in early 2014. Good South American crop weather kept a lid on larger purchases. Brazilian soyabeans, which will be available from late January or February, are available at lower prices than US soya although port delays are often longer.
Soyabean futures on the Chicago Board of Trade rallied more than 2 percent on strong export demand, with marketing year-to-date sales already at 90 percent of the 2013/14 USDA export forecast. Talk of large US soyameal purchases by China for shipment next year also supported soyabean prices on Friday, traders said.
Wheat export premiums at the Gulf Coast were steady to firm on robust world demand and concerns of crop shortfalls in Australia and Argentina. Japan bought a total of 133,480 tonnes of food wheat via a regular tender this week, including 51,556 tonnes from the United States. Iraq extended the closing deadline for its wheat tender that originally closed this week to November 25. Canadian wheat was the most aggressively priced in the tender. Corn export premiums at the Gulf were unchanged.