Soyabean export premiums at the US Gulf Coast were weak on Friday, pressured by sinking CIF basis values and sluggish export demand for US supplies, traders said. CIF basis for US Gulf soyabeans collapsed this week amid the accelerating southern US harvest and on poor demand from exporters. Spot basis bids at 25 cents a bushel over CBOT November on Friday, down about 30 cents from a week ago.
FOB basis offers were weak on Friday, although demand inquiries were very thin, traders said. Nearby FOB basis offers down about 20 cents per bushel this week. US soyabeans normally dominate the world market in the fourth quarter, but ample supplies of cheaper South American beans undercutting demand.
Top importer China bought at least one Brazilian cargo on Friday and possibly three from Argentina for November shipment, a US trader said. The Taichung division of Taiwan's BSPA bought 58,000 tonnes Brazilian soya for November shipment. US hard red winter wheat export premiums were mostly steady on Friday amid solid demand for the higher protein variety, while soft red winter wheat premiums were flat on dull demand, traders said.
HRW likely to trade in some volume to Iraq in a tender that closes next week, traders said. Other competition may come from Canadian wheat or possibly Australian. US corn export premiums were flat on Friday, capped by weak demand amid historically high prices and competition from alternative feeds such as feed wheat, traders said.
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