Soyabean export premiums firm

Soyabean export premiums at the US Gulf Coast were steady to firm on Friday, supported by tight supplies in the CIF river market and expectations for renewed demand from China next week, traders said. CIF soyabean basis remains inverted as supplies were difficult to originate at the Gulf.
FOB offers for February were thin as some exporters were unwilling to risk not having enough soyabeans to load a vessel and potential demurrage penalties. Chinese buyers booked very minimal amounts of soyabeans this week as markets there were closed for the Lunar New Year holiday. Demand seen accelerating next week.
Importers in China believed to have most of their February shipment needs filled. US soyabeans seen competitive on the world market through early March. Cheaper Brazilian new-crop soyabean prices undercutting US prices after that. Corn export premiums at the US Gulf were steady to firm on Friday on thin nearby supplies and good demand mostly from regular US corn customers, traders said.
Demand for late spring and summer shipments of US corn supported by crop damage in drought-hit Argentina, where recent rains arrived too late to save some crops. Private exporters sold 170,200 tonnes US corn to Mexico, USDA said on Friday. A South Korean feedmaker bought 110,000 tonnes US corn on Friday, traders said. CIF corn basis remains inverted due to lack of supplies near Gulf export elevators. The supply squeeze lifted prompt bids to January records this week. January barge basis bids on Friday were up 9 cents from a week ago but about 12 cents below midweek highs.
FOB offers for January and February corn shipments from the Gulf were scarce due to lack of available spot supplies. First half March at a premium to last half. Wheat export premiums at the US Gulf Coast were mostly steady on Friday and firm compared with a week ago amid tight supplies in the marketing pipeline, traders said.
Private exporters sold 133,200 tonnes US wheat to unknown destinations, including 70,700 tonnes hard red winter, 36,100 tonnes soft white, 26,400 tonnes hard red spring, USDA said on Friday. Iraqi Grain Board seeking at least 50,000 tonnes wheat from any origin excluding the United States and Romania, traders said. Iraq normally buys hard wheat such as HRW. Traders said Australian or Canadian wheat could be contenders.