Export premiums for soyabeans shipped from the US Gulf Coast held mostly steady on Monday on moderate demand and ample available supplies, traders said. Top importer China has been actively buying soyabeans on the world market in recent weeks as domestic crush margins are profitable. Purchases are increasingly shifting to Brazilian new-crop shipments as cargoes are competitively priced for January loadings and beyond, traders said.
Chicago Board of Trade soyabean futures rallied for a seventh straight session on Monday and hit a four-month peak. The gains fueled more soyabean sales by farmers and kept cash basis values under pressure. Soyabean export inspections last week were near the high end of trade expectations at nearly 2.1 million tonnes, but were down 22 percent from the prior week. In the marketing year to date, soya inspections are up 19 percent from a year earlier. Corn and wheat export premiums were flat on light to moderate demand following last week's US Thanksgiving holiday, which kept many traders away from their desks.
The dollar slipped further from a 13-1/2-year high against a basket of currencies on Monday. Recent dollar strength has created headwinds for US grain demand by reducing buying power for those holding other currencies. December US soyabean shipments were offered at about 52 cents a bushel over CBOT January futures, which closed 10 cents higher at $10.56 a bushel.
December corn shipments were offered at about 62 cents over CBOT December futures, which closed 3/4 cent lower at $3.48-1/2 a bushel. Offers for December soft red winter wheat shipments were about 95 cents over CBOT December futures, which settled 6-1/4 cents lower at $3.89-1/4 a bushel. Spot hard red winter wheat cargoes were offered at 120 cents over December futures, which closed 1/4 cent higher at $4.11-1/2 a bushel.
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