Export premiums for US soyabeans were higher on Monday, rebounding after declining for much of last week amid better international demand and following gains in the CIF barge market, traders said. The US Department of Agriculture earlier on Monday said 125,000 tonnes of soyabeans were sold to unknown destinations - the fourth sale of at least 100,000 of soyabeans in a week.
Some of those cargos were expected to be destined for top importer China, which has been catching up on bookings for the US 2015/16 marketing year that starts on September 1, the traders said. China earlier this year ramped up purchases from Brazil, after a record harvest there, and now was buying more from the US for shipments late in the autumn and early next year.
US soyabean export premiums were 10-15 cents per bushel higher for loadings in October through January, they said. Bids for the beans also gained in the US barge market, with prices bolstered by a slower-than-normal pace of farmer sales heading into harvest.
Export premiums for corn and wheat each were mostly steady as US supplies still were too expensive for many importers, when compared to cheaper grain shipped out of the Black Sea region.
Offers for FOB Gulf soyabeans for September were up 2 cents at 90 cents over November soyabean futures traded on the Chicago Board of Trade. Offers for FOB Gulf corn for September were steady at 62 cents over the CBOT September contract. Offers for FOB soft red winter wheat at the Gulf for September were flat at 50 cents over CBOT September futures. FOB hard red winter wheat for September was offered 115 cents over the September contract.
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