Export premiums for soyabeans shipped from the US Gulf Coast held steady on Tuesday, underpinned by persistent demand from China but capped by ample supplies in the export pipeline, traders said. Expectations for a seasonal slowdown in demand as South American crop sales accelerate ahead of Brazil's harvest also capped soya basis offers, traders said.
The US Department of Agriculture on Tuesday confirmed private sales of 198,000 tonnes of US soyabeans to China and 246,000 tonnes to unknown destinations for 2016/17 shipment, and 132,000 tonnes to unknown destinations for 2017/18 shipment. Chicago Board of Trade soyabean futures rallied for a second straight session on Tuesday but closed below session peaks. The higher prices spurred another wave of farmer sales to elevators, which kept the export market well supplied, traders said.
FOB basis offers for corn and wheat were unchanged. The USDA also announced private sales of 276,000 tonnes of US corn to South Korea, which traders said was confirmation of several tenders for March and April delivery late last week. December US soyabean shipments were offered at about 42 cents a bushel over CBOT January futures, which closed 4-1/4 cents higher at $10.47-3/4 a bushel. December corn shipments were offered at about 55 cents over CBOT March futures, which closed 1-1/4 cents higher at $3.60-1/2 a bushel.
Comments
Comments are closed for this article.