Soyabean export premiums at the US Gulf Coast edged higher on Friday after sales to China, which this week booked its largest US soya purchases in at least a month, traders said. Chinese importers may have booked three fresh cargoes of US soyabeans on Friday for January and February shipment following active buying earlier in the week, traders said.
Traders could not confirm the sales but said rising CIF basis bids for December and January barges suggested that at least some of the Chinese buying was for Gulf shipment. USDA confirmed private US soyabean sales totalling 544,500 tonnes this week as China's Sinograin booked cargoes for state stockpiles.
US exporters monitoring developments in a strike by port workers at Brazil's main port of Santos. The stoppage could halt the movement of cargo at the port, possibly delaying soyabean shipments from the No 2 exporter. US corn export premiums were flat with a weak tone as sluggish export demand weighed on values, traders said. Export prospects were hurt by ample supplies of cheaper corn and feed wheat from other origins.
South Korea's NOFI on Friday bought a cargo of feed wheat, likely from Australia, and 125,000 tonnes of corn, including 70,000 tonnes from the United States. The feed wheat was about $60 per tonne cheaper than the US corn delivered to South Korea. Dull export demand was blamed for a drop in Chicago Board of Trade corn futures on Friday, capping a week in which prices fell 4 percent. Still, rival exporter Ukraine has recently sold corn into Asia at prices $15 to $25 below US.
Traders said there have been no fresh corn inquiries from China, but noted that prices were near the same levels at which China booked large sales earlier this year. US wheat export premiums held steady on Friday, with US wheat likely too expensive to compete in the latest tender from Egypt's GASC, traders said.
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