Export premiums for soyabeans shipped from the US Gulf Coast were unchanged on Friday, anchored by seasonally slowing demand as competition from South American new-crop supplies rises, traders said. Brazilian soyabean crop forecasts are increasing amid larger-than-anticipated yields and a brisk harvest pace.
Traders are anticipating a jump in demand from Chinese importers as traders return to their offices following the week-long Lunar New Year holiday. Importers there are expected to be shopping for mostly March and April shipments from Brazil, traders said.
Wheat export premiums were mostly steady for hard red winter wheat shipments and mixed for soft red winter wheat. Wheat basis offers were steeply inverted as the bulk of February and March loading capacity is sold out at Gulf and Pacific Northwest terminals. Weather-related slowdowns in moving grain to port have slowed loading and increased the backlog of vessels at ports, traders said.
Corn premiums were unchanged amid moderate demand, with major importer Japan in the market for April, traders said. South Korean feedmakers were also in need of late April and May cargoes, they said.
Corn shipments from the Gulf in late February were offered around 66 cents a bushel over Chicago Board of Trade March futures. FOB basis offers for February shipments of soyabeans were 45 cents a bushel above CBOT March futures. Offers for February SRW wheat shipments were unchanged at 85 cents over March futures while HRW shipments were steady at 140 cents over March futures.
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