Soyabean export premiums at the US Gulf Coast were steady with a firm tone on Friday amid very strong export demand, most of it from China and mostly for new-crop supplies, traders said. Chinese importers aggressively booked soyabean purchases from the US and Brazil this week, with purchases in the week likely exceeding 2 million tonnes, traders said.
US purchases mostly for September-December shipment, some for summer 2012 shipment. Brazil purchases mostly for first-half 2013 shipment, they said. USDA on Friday said private exporters sold 165,000 tonnes US soyabeans to China for 2012/13 shipment.
Chinese importers bought at least three more cargoes of new-crop US soyabeans on Friday, traders said. Taiwan's BSPA-T to tender next Tuesday to buy 40,000 to 60,000 tonnes US or Brazilian soyabeans for May-June shipment. South Korea seeking 60,000 tonnes non-GMO soyabeans for arrival July-September via a tender closing next Thursday.
Soyabean imports by Indonesia, a top-five US soya importer, could exceed 1.8 million tonnes this year as demand was greater than domestic supply, an industry official said. Corn export premiums at the US Gulf were steady to firm, underpinned by tight old-crop supplies amid a lack of farmer selling. Lower corn prices this week attracted fresh export demand, traders said.
Benchmark US corn futures on the Chicago Board of Trade fell 29 cents a bushel, or 4.4 percent, this week. That more than offset a 10- to 12-cent jump in FOB basis this week. Rumours that China bought 2 to 6 cargoes old-crop US corn this week could not be confirmed, although traders said basis strength suggested some new Gulf business was done.