US soyabean export premiums at the Gulf Coast were flat on Thursday despite firmer nearby CIF basis bids as less expensive South American soyabeans undercut demand for US old-crop export, traders said. Light demand from some European and Latin American countries noted for small US spring and summer soyabean shipments.
Some Chinese inquiries for new-crop US shipments reported, but no sales could be confirmed, traders said. Top importer China seeking larger volume near-term soya purchases from Brazil and Argentina. China may have bought at least two cargoes of Argentine soyabeans on Thursday for June-July shipment, a trader said. Nearby CIF soyabean basis bids rose by about 2 to 4 cents per bushel on Thursday on scattered demand from short-bought exporters. Farmer selling of soyabeans has slowed considerably this week as futures turned lower, which supported CIF basis. Corn export premiums at the US Gulf were about steady on Thursday amid sluggish demand as regular buyers have filled most of their immediate needs with large purchases over recent weeks, traders said.
USDA data released on Thursday showed US corn export sales last week at the highest in five weeks, with Japan's weekly purchases the largest since October. Traders monitoring potential corn demand from China as domestic prices there remain near record highs and as US prices approach levels which last triggered Chinese purchases.
Agriculture Ministry in Argentina, the world's No 2 corn exporter, on Thursday pegged the corn crop at 21.2 million tonnes, below USDA view of 22 million. Talks between striking Argentine grain truckers and the government broke down on Thursday. A prolonged strike would threaten export shipments.
Soft red winter wheat export premiums at the US Gulf Coast were mostly steady on Thursday while hard red winter wheat premiums were steady to weaker, traders said. Global wheat demand remains strong, although a wave of purchases this week was filled mostly by South American suppliers.
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