US Gulf soyabean export premiums were mostly steady to firm on Wednesday, underpinned by rising CIF barge basis values and moderate export demand for mostly new-crop shipments, traders said. Chinese importers continue to book the majority of their soyabean purchases from South America, but demand for US supplies has jumped at times.
China bought more than 10 cargoes of US soyabeans last week, believed to be for shipment from the Pacific Northwest. Traders said China may have booked a Gulf cargo on Wednesday for shipment in September. Still, abundant South American soya stocks are challenging US new-crop exports. Forward sales to date are well below normal. FOB Gulf corn basis offers held steady on light demand and limited farmer selling which has thinned the supply of corn in the export pipeline, traders said.
Cheap South American offers are limiting bookings of new-crop US corn for shipment in the fourth quarter of the year. Wheat export premiums were steady to firm, tracking strength in the CIF market as both millers and exporters compete for supplies of high-quality grain after weather damaged a large share of this year's crop. But export demand remains sluggish because of ample global stocks and low prices from rival export origins. South Korea's FLC bought 68,000 tonnes of optional-origin corn in a direct deal late on Tuesday. Tunisia bought 84,000 tonnes of optional-origin soft milling wheat via a tender on Wednesday. Traders said the low prices paid suggest US wheat was not among the origins.
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