Export premiums for soyabeans shipped from the US Gulf Coast were steady to firm on Thursday on good demand, while corn export premiums held mostly steady, traders said. CIF soyabean basis values edged higher on Thursday as futures prices plunged. Steady buying by China, whose profitable domestic crush margins are encouraging import, has also underpinned basis values, traders said.
The US Department of Agriculture confirmed private sales of 136,000 tonnes of US soyabeans to unknown destinations, which traders said was likely bound for China. US corn is competitively priced on the world market through February, while several key buyers were still in need of supplies for shipment in February and beyond, traders said.
FOB basis offers for wheat were steady with a firm tone on good global demand for milling wheat. Saudi Arabia's SAGO is seeking 715,000 tonnes of hard wheat for delivery from February to early April. US hard red winter wheat is expected to face competition from large Australian and Canadian crops in the tender for 12.5 percent protein grain, traders said. Results are due on Monday.
India scrapped its 10 percent import duty on wheat after two years of drought. Some expect imports could reach decade highs. December US soyabean shipments were offered at about 44 cents a bushel over CBOT January futures, which closed 22 cents lower at $10.27 a bushel.
December corn shipments were offered at about 53 cents over CBOT March futures, which closed 4-1/2 cents lower at $3.53-1/2 a bushel. Offers for December soft red winter wheat shipments were about 75 cents over CBOT March futures, which settled 7-1/4 cents higher at $4.08-1/4 a bushel. Spot hard red winter wheat cargoes were offered at 110 cents over March futures, which closed 4-3/4 cents higher at $4.04-3/4 a bushel.
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