Export premiums for soyabeans shipped from the US Gulf Coast remained mostly firm on Thursday due to increased demand, traders said. Corn and wheat export premiums were steady to weaker. Exporters struck deals to sell 328,000 tonnes of US soyabeans to unknown destinations, the US Department of Agriculture said. Of the total, 65,000 tonnes were for delivery in 2015-16 and 263,000 tonnes for delivery in 2016-17.
Separately, China, the world's top soyabean importer, bought 129,000 tons of US soyabeans, of which 66,000 tonnes were for 2015-16 delivery and 63,000 tonnes for 2016-17 delivery, according to the USDA. Traders said the sales appeared to confirm widespread chatter in the export market on Wednesday of Chinese buying of August to December shipments.
The sales came as the USDA, in a weekly report, said US soyabean export sales for the current marketing season were a negative 1,400 tonnes last week, far below analysts' expectations for sales of 250,000 to 450,000 tonnes. USDA data showed weekly US corn and wheat export sales last week were within the range of analysts' estimates. Traders said demand has remained lackluster due to competition from other exporting countries.
Egypt's state grain buyer, the top wheat importer, bought 120,000 tonnes of Russian and Romanian wheat in a tender on Thursday and none from the United States. Soyabean export premiums for August shipments were 105 cents a bushel over CBOT August futures, which fell 7 cents to $10.03-1/2. August corn shipments were offered at about 108 cents over CBOT September futures, which closed 4-1/2 cents lower at $3.31-1/4 a bushel. Spot soft red winter wheat shipments were offered at about 65 cents over CBOT September futures, which closed 4-1/2 cent lower at $4.10-1/4 a bushel.