Soyabean export premiums firmer at US Gulf Coast

Soyabean export premiums at the US Gulf Coast were firmer on Friday as tight spot supplies supported CIF barge basis values and export demand strengthened, traders said. Top soyabean importer China bought at least one or two cargoes of US soyabeans on Friday after buying several cargoes earlier this week, a trader said.
Demand was seen rising further next week as Chinese markets reopen after this week's week-long national holiday. Private exporters sold 106,000 tonnes US soyabeans to China for 2011/12 shipment, USDA said early on Friday. A day earlier, China bought 115,000 tonnes.
Nearby CIF soyabean basis bids surged by as much as 13 cents a bushel on very slow farmer selling and improving demand at the Gulf, traders said. Export elevation capacity at the US Pacific Northwest was getting tight so demand was shifting over to Gulf shipments, traders said. Soyabean FOB prices at major US and South American ports also at the lowest level in a year, which was revived demand.
US wheat export premiums at the Gulf Coast were unchanged amid sluggish demand, with traders eyeing a tender from Iraq which closes this weekend. Iraqi tender for at least 50,000 tonnes wheat from any origin closing on Saturday. Australian wheat seen competitively priced and likely to trade to Iraq, likely hurting US wheat hopes of sales in the tender.
Lower prices for wheat from rival suppliers keeping US wheat demand muted. Move by Ukraine's parliament to cancel export duties seen hurting US export prospects due to lower-cost supplies from Ukraine. Canadian government to pass legislation soon to end the Canadian Wheat Board monopoly. US corn export premiums were mostly steady amid quiet demand following a flurry of buying by traditional importers over recent weeks, traders said. Cancellation of Ukraine's corn export duty seen hurting demand for US grain due to cheaper corn available from the Black Sea exporter.