FOB Gulf soyabean offers for January fell 5 at 87 cents over CBOT January, which closed 37-1/4 cents up at $10.39-3/4 a bushel. February offers were also 5 cents lower at 85 cents over CBOT March futures. USDA on Monday said export inspections for the week ended January 1 at 1.4 million tonnes, with nearly a million tonnes to China - a continuation of its heavy fourth-quarter purchases.
But USDA on Monday also gave the market a shot in the arm, reporting 233,000 tonnes of 2014/15 soyabeans sold to China. That could mean just fill-in buying by China or a bump up in its program after assessing the timetable for South American shipments in the coming months. FOB corn for January was offered unchanged at 63 cents over CBOT March, which closed up 10-1/4 cents at $4.06. USDA reported corn export inspections at a meager 538,945 tonnes last week, with no evidence that China has stepped up buying.
US FOB Gulf SRW wheat for January was offered unchanged at 130 cents over CBOT March, which closed 7-3/4 cents higher at $5.89. Overnight temperatures in the upper Midwest were below zero degrees Farenheit, creating concerns about damage to dormant wheat given the lack of snow cover as far north as northern Illinois. Temperatures were expected to remain frigid all week.
FOB offers for HRW wheat at the Texas Gulf were also unchanged. January HRW shipments were offered 130 cents over KCBT March, which closed 7-3/4 up at $6.24-3/4. USDA reported wheat export inspections continued weak into the end of the year with a total of 352,829 tonnes inspected for export last week. Traders noted that China possibly bought a couple cargoes of spring wheat out of the Pacific Northwest over New Year and supported Minneapolis over Chicago and KC futures.