Export premiums for soyabeans shipped from the US Gulf Coast were steady to firm on Thursday, supported by strong demand from importers in China for mostly new-crop shipments, traders said. Chinese buyers on Thursday were inquiring about US soyabean offers for shipments early in the 2016-17 marketing year, traders said. Buyers there have made a series of purchases since early last week.
Exporters sold a total of about 1.67 million tonnes of US soyabeans last week, two-thirds of which were for shipment in the new marketing year, according to US Department of Agriculture data on Thursday. The sales were the largest for a single week in 7-1/2 months.
In addition, the USDA confirmed private sales of 252,000 tonnes of new-crop US soyabeans to China, the seventh straight daily announcement of sales totaling more than 100,000 tonnes in a single day. FOB Gulf corn export premiums remained flat despite solid demand as values were anchored by ample US supplies ahead of an expected bumper harvest this fall.
US corn prices are the least expensive among major exporters. But some buyers have avoided making large-volume purchases in anticipation of lower prices in the coming months. CIF corn barge basis values have eased from multi-month highs posted last week. The spot CIF bid fell on Thursday to around 58 cents a bushel over Chicago Board of Trade September futures, down 14 cents from a week ago. Soyabean export premiums for August shipments were about 107 cents a bushel over CBOT August futures. Prices for post-harvest shipments were steady to a penny higher.
August corn shipments were offered at about 105 cents over CBOT September futures. August soft red winter wheat shipments were flat at about 70 cents over CBOT September futures. Spot hard red winter wheat offers also were mostly unchanged, with August shipments offered at about 115 cents over September futures.