US FOB Gulf corn, soya export premiums weaker

04 Dec, 2016

Export premiums for soyabeans shipped from the US Gulf Coast were steady to weaker on Thursday amid seasonally slowing demand and rising competition from South American new-crop shipments, traders said. Brazil's soyabean crop was projected at a record 103.1 million tonnes, according to a Reuters survey, which surpass last season's harvest by 7.6 million tonnes. Argentina's soya planting is nearly half complete and conditions are favorable.
Corn export premiums were also flat to lower on weak demand as competitively priced feed wheat is replacing corn in feed rations in Asia, traders said. FOB premiums for both corn and soyabeans were weak despite firmer CIF barge basis values on Thursday. Nearby CIF corn barge bids gained as much as 3 cents a bushel while soyabean bids rose by up to 5 cents as a large exporter covered near term needs, a trader said.
Wheat export premiums were flat on light demand and ample global supplies. December US soyabean shipments were offered at about 42 cents a bushel over Chicago Board of Trade January futures, which closed 2-1/2 cents lower at $10.29-3/4 a bushel. December corn shipments were offered at about 53 cents over CBOT March futures, which closed 6 cents lower at $3.42-1/2 a bushel. Offers for December soft red winter wheat shipments were about 75 cents over CBOT December futures, which settled 7-1/4 cents lower at $3.95-1/2 a bushel. Spot hard red winter wheat cargoes were offered at 100 cents over March futures, which closed 7-1/4 cents lower at $4.03 a bushel.

Read Comments