Export premiums for soyabeans shipped from the US Gulf Coast were lower on Wednesday as demand was moderate but competition from South American new-crop shipments intensified in the global marketplace, traders said. Some Brazilian soyabeans may be harvested within a few weeks and January exports from the country may be larger than normal, a trader said.
Profitable domestic soya crush margins in China have boosted the country's import purchases, traders said. Buyers there have booked some US Gulf spot shipments this week, but are increasingly turning their focus to South America. Chinese importers booked at least 10 Brazilian cargoes this week for shipment in February and March, traders said.
US Gulf corn export premiums held mostly steady on moderate demand mostly from regular US corn customers. Corn importers such as Mexico, Colombia and Japan have adequate supplies booked through the end of the year and are eyeing shipments for the first quarter of next year, traders said.
Wheat export premiums were flat on light demand and ample global supplies. US prices are competitive in the world market, but higher freight costs to key import regions in the Middle East and north Africa have impeded purchases. The southern hemisphere's wheat harvest is adding to a global glut of the grain. Australia may harvest its largest ever wheat crop and challenge Black Sea wheat's dominance in Asia.
December US soyabean shipments were offered at about 44 cents a bushel over CBOT January futures, which closed 10-1/4 cents lower at $10.32-1/4 a bushel. December corn shipments were offered at about 65 cents over CBOT December futures, which closed unchanged at $3.36-3/4 a bushel. January shipments were offered at 55 cents over CBOT March futures.
Offers for December soft red winter wheat shipments were about 95 cents over CBOT December futures, which settled 3-1/2 cents lower at $3.80-1/2. Spot hard red winter wheat cargoes were offered at 100 cents over March futures, which closed 8 cents lower at $4.10-1/4 a bushel.
Comments
Comments are closed for this article.