Export premiums for soyabeans shipped from the US Gulf Coast were mostly steady with a firm tone on Wednesday on solid demand from China for summertime shipments from the United States, traders said. Firmer Brazilian export premiums have boosted Chinese interest in US shipments, mostly in June through August, traders said. At least two more US cargoes traded on Wednesday after at least four traded a day earlier, they said.
Corn and wheat export premiums were mostly steady. Nearby premiums for corn, soyabeans and wheat were underpinned by tight export loading capacity at US ports. Wintry weather has stalled loadings in the Pacific Northwest while foggy conditions have delayed Gulf vessels at times.
The US Department of Agriculture is scheduled to release its February supply/demand forecasts on Thursday. Traders are anticipating a possible increase in Brazilian soya production and decrease in Argentine soya output.
The USDA is also due to release weekly export sales data early on Thursday.
FOB basis offers for near-term shipments of soyabeans from the Gulf were around 47 to 48 cents a bushel above Chicago Board of Trade March futures. Corn shipments from the Gulf in late February were offered around 66 cents a bushel over CBOT March futures.
Offers for February soft red winter wheat shipments were 85 cents over March futures while spot hard red winter wheat shipments were 135 cents over March futures.
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