Export premiums for soyabeans shipped from the US Gulf Coast edged up on Wednesday on firm CIF basis values and slow selling by farmers in rival shipper Brazil, traders said. Export premiums for US corn were steady to firm, while wheat premiums stayed flat.
Brazilian export premiums for new-crop soya supplies have increased in the face of a large harvest due to slower-than-normal farmer sales to elevators, traders said. Strength in the Brazilian real is expected to further delay farmer sales in Brazil, said Dan Cekander, president of US-based analytical firm DC Analysis. That could result in significant additional US soyabean export sales activity for June-August shipment, he said.
On Thursday, the US Department of Agriculture will release weekly export sales data. Analysts expect sales of 550,000 to 900,000 tonnes for soyabeans, 900,000 to 1.25 million tonnes for corn and 300,000 to 550,000 tonnes for wheat, according to a Reuters poll. US corn is competitively priced on the world market into April, traders said. Stiff South American competition is expected this year, though.
FOB basis offers for near-term shipments of soyabeans from the Gulf were around 52 cents a bushel above Chicago Board of Trade March futures, up about 2 cents from Tuesday. Spot corn shipments from the Gulf were offered around 66 cents a bushel over CBOT March futures, up about a penny. Offers for February soft red winter wheat shipments were flat at 85 cents over March futures, while spot hard red winter wheat shipments were unchanged at 140 cents over March futures.