US FOB Gulf soya export premiums mostly steady

US soyabean export premiums at the Gulf Coast were mostly steady on Tuesday in quiet trade after the Chinese central bank devalued the yuan currency, raising import costs and eroding crush margins for processors there, traders said.

Nearby US soya premiums remained underpinned by a lack of farmer selling, which kept near term export supplies tight. September shipments from the Gulf were competitive in the world market as South American suppliers had little on offer for that period. Argentine soyabeans remain competitively priced in the fourth quarter, traders said.

China devalued its currency after a run of poor economic data, a move it billed as a free-market reform but which some suspect could be the beginning of a longer-term slide in the exchange rate.

US corn export premiums at the Gulf were mostly steady to weak amid light demand ahead of Wednesday’s monthly US Department of Agriculture supply/demand reports. Traders said they expected demand for near term US shipments to rise after Brazilian prices climbed to a premium to Gulf prices this week. Wheat export premiums were mostly flat as ample global supplies and high US prices limited demand for shipments from the United States.

Corn, soyabean and wheat offers for August were not quoted as loading capacity was largely booked, traders said. FOB Gulf soyabeans for September were offered at about 85 cents over CBOT November futures, which closed 23 cents lower at $9.71-1/2.

FOB basis offers for September corn were around 55 cents over the CBOT September contract, which closed 13-3/4 cents lower at $3.76-1/2 a bushel. Brazilian corn premiums for September were around 60 cents over futures, a trader said. FOB soft red winter wheat at the New Orleans Gulf for September was offered at 55 cents over CBOT September futures, which closed 18-1/4 cents lower at $5.07-1/4. FOB hard red winter wheat for September shipment from the Texas Gulf were 115 cents over the September contract, which closed 16-1/2 cents lower at $4.88.



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