Export premiums for soyabeans shipped from the US Gulf Coast were steady to weak on Thursday as scattered demand underpinned nearby prices while deferred values were pressured by an expected increase in Argentine shipments, traders said. US corn export premiums were lower, sinking in tandem with weaker CIF barge basis values amid sluggish export demand and competition from cheaper supplies from other exporters, including Argentina.
US wheat export premiums were flat in quiet trade, with a stronger dollar keeping demand for US shipments very light. The US dollar strengthened by more than 1 percent on Thursday against a basket of other currencies, making US grain supplies more expensive on the global market. The Argentine peso devaluation is expected to unleash millions of tonnes of soyabeans on the market through the first quarter of 2016, boosting exports.
China has been booking January soyabean cargoes from the United States in recent days, but is believed to be eyeing lower Argentine offers for early 2016 shipment, traders said. The USDA on Thursday confirmed private sales of 424,000 tonnes of US soyabeans to China for 2015/16 delivery. Demand for US corn was light and concentrated mostly among regular customers such as Colombia, which inquired about March shipments on Thursday, a trader said.
Lower Argentine corn offers for early 2016 undercut demand for US shipments. Brazilian premiums were not well established as the country's exportable surplus is dwindling and port congestion limited inquiries from buyers, traders said. Export premiums for December shipments from the Louisiana Gulf were unquoted as exporters there were largely sold out of loading capacity, although spot shipping slots are typically available at a large enough premium, traders said. FOB Gulf soyabeans for January were offered at about 75 cents a bushel over CBOT January futures, which closed 14-1/2 cents higher at $8.77 a bushel.
January corn offers were 2 cents lower at about 61 cents over CBOT March futures, which closed 4-1/2 cents higher at $3.74-1/4 a bushel. January shipments of soft red winter wheat at the Gulf were offered at about 75 cents over CBOT March futures, which closed 1/2 cent higher at $4.84 a bushel. December hard red winter wheat offers from the Texas Gulf were about 112 cents over March futures, which closed 1/2 cent lower at $4.80-1/2 a bushel.