Export premiums for soyabeans shipped from the US Gulf Coast were steady to mostly higher on Tuesday, supported by limited near-term loading capacity and good demand for summertime shipments from top importer China, traders said.
Aggressive Chinese buying of new-crop Brazilian soya shipments has lifted prices there and, as a result, US offers for summer-month shipments have become competitive on the world market, traders said. China booked at least four cargoes of late July and August US shipments on Tuesday, a trader said. Another trader noted at least one June cargo traded.
FOB basis offers for near-term shipments of soyabeans from the Gulf were around 47 to 48 cents a bushel above Chicago Board of Trade March futures, supported by tight loading capacity in February. July and August premiums gained 1 to 3 cents a bushel.
Corn export premiums were unchanged amid moderate demand mostly from regular US corn customers. Both Japan and Colombia have inquired about springtime shipments. The US Department of Agriculture on Tuesday confirmed private sales of 128,000 tonnes of old-crop US corn to Japan. Corn shipments from the Gulf in late February were offered around 66 cents a bushel over CBOT March futures. mOffers for February soft red winter wheat shipments were 85 cents over March futures while spot hard red winter wheat shipments were 135 cents over March futures.
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