Soyabean export premiums at the US Gulf Coast held steady on Thursday as demand from China for nearby shipments was slowing seasonally as South America's harvest approaches, traders said. "We're running out of demand to target as the Brazilian crop gets closer," a soyabean trader said.
Export prospects for new-crop US soyabeans to China were strong. A trade delegation from China on Thursday signed framework agreements to buy $1.8 billion of US soyabeans, or around 3 million tonnes, likely for shipment in the next marketing year. Traders expected some of the 3 million agreed-upon tonnes to have been actual sales, likely to be reported under USDA's daily reporting system on Friday morning. The remainder of that tonnage was agreements for future purchases, traders said. Chinese delegation to sign more soyabean purchase agreements on Friday.
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