Export premiums for soyabeans shipped from the US Gulf Coast held steady on Friday on solid demand, with top importer China booking several summertime shipments this week, traders said. China booked at least six cargoes of US soyabeans this week for June to August shipment after higher Brazilian made American supplies more competitive in the world market, traders said. Near term crush margins have narrowed, limiting demand, they said.
The US Department of Agriculture on Friday confirmed private sales of 140,000 tonnes of US soyabeans to unknown destinations for 2016-17 delivery, the second large soyabean sales announcement in two days.China imported 7.66 million tonnes of soyabeans in January, up 35 percent from the same month a year earlier, according to customs data.
FOB corn basis offers were flat amid mostly routine demand from traditional buyers seeking springtime shipments. South Korea's NOFI bought 210,000 tonnes of optional-origin corn and 67,000 tonnes of feed wheat via a tender on Friday.
Soft red winter wheat export premiums were flat on light demand. Hard red winter wheat premiums were steady to higher, supported by near term shipping delays and good demand for high protein grain. Severe winter weather has slowed rail deliveries to shippers in the Pacific Northwest, sending freight rates soaring and prompting Asian buyers to seek fill-in loads as they wait for the backlog at ports to clear.
FOB basis offers for near-term shipments of soyabeans from the Gulf were around 48 cents a bushel above Chicago Board of Trade March futures. Corn shipments from the Gulf in late February were offered around 65 cents a bushel over CBOT March futures. Offers for February soft red winter wheat shipments were 85 cents over March futures, while spot hard red winter wheat shipments were 140 cents over March futures.
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