Export premiums for corn and soyabeans shipped from the US Gulf Coast were mostly steady on Monday, with nearby values underpinned by tight loading capacity at export terminals, traders said. Deferred basis offers for corn and soyabeans were capped by heightened competition from South American suppliers. US farmers have forward-sold a larger-than-normal share of their 2017 soya crop, locking in profits amid big US supplies and a looming record-large South American crop.
Soyabean demand from China was light on Monday after the top importer bought several US cargoes last week for summertime shipment, traders said. Chinese importers also bought at least 20 cargoes of Brazilian soya last week, they said. The US Department of Agriculture on Friday confirmed private sales of 101,600 tonnes of US corn to unknown destinations for 2016-17 delivery.
Winter wheat export premiums were mostly unchanged on Monday. Shipping delays have supported near-term prices in recent weeks as fog at the Gulf and winter weather in the northern United States have slowed the flow of export shipments. FOB basis offers for near-term shipments of soyabeans from the Gulf were around 48 cents a bushel above Chicago Board of Trade March futures.