Export premiums for soyabeans shipped from the US Gulf Coast held mostly steady on Friday, with nearby values supported by solid demand from top importer China, traders said. FOB basis offers for US soyabeans shipped in late winter and early spring were anchored by slow demand amid expected competition from what is forecast to be a record-large South American crop.
The USDA on Friday confirmed private sales of 178,000 tonnes of US soyabeans to China and 249,000 tonnes to unknown destinations, both for 2015/16 delivery. It was the third consecutive daily sales announcement by USDA, with confirmed sales totaling 683,000 tonnes over that time. Increased soya shipments from Argentina could also weigh on demand for US supplies early next year. The USDA's attache in Argentina said that agriculture policy reforms promised by newly elected president Mauricio Macri would boost exports in the short term.
Corn export premiums were flat and wheat export premiums were unchanged to lower on higher futures and sluggish demand for US supplies, traders said. The US dollar index rebounded slightly on Friday from the prior day's more-than-two-percent plunge. The dollar's strength this year has been among the top factors blamed for a sharp drop in US grain exports.
FOB Gulf soyabeans for December shipment were offered about 75 cents a bushel over CBOT January futures, which closed 8-1/2 cents higher at $9.06 a bushel. December corn offers were 62 cents over CBOT March futures , which closed 4-1/2 cents higher at $3.81-1/2 a bushel. Spot shipments of soft red winter wheat at the Gulf were offered at about 78 cents over CBOT March futures, which closed 5-3/4 cents higher at $4.84-1/2 a bushel. December hard red winter wheat offers were 105 cents over March futures, which closed 4 cents higher at $4.80-1/2 a bushel.