Soyabean export premiums at the US Gulf Coast were about unchanged on Thursday on steady demand from China and rising supplies of newly harvested beans which kept a lid on CIF barge basis values, traders said. Chinese importers booked at least one more cargo of US soyabeans on Thursday for shipment in the fourth quarter, following active purchases earlier in the week, a trader said.
The USDA confirmed, via its daily reporting system, private sales of 298,000 tonnes of soyabeans to China for 2015/16 delivery. The announcement followed confirmation on Wednesday of 184,500 tonnes in US soyabean sales to China. Net US soyabean export sales last week totaled 912,000 tonnes for 2015/16 shipment, including 458,500 tonnes to China and 210,600 tonnes to unknown destinations, according to the USDA. The total was near the low end of a range of trade forecasts.
China’s record pace of soyabean imports is likely to slow in the fourth quarter. FOB Gulf soyabean basis offers for shipments this month were unquoted as loading capacity was effectively sold out. October and November offers were around 107 cents over CBOT November futures, which closed 2-3/4 cents lower at $8.84-1/2. US corn export premiums were weaker on Thursday on slow export demand as rival suppliers in South America and the Black Sea region offered feed grains at lower prices, traders said.
Net corn export sales were within the range of trade expectations at 533,000 tonnes, with 381,000 tonnes to Mexico and 55,000 tonnes to Japan. Consultancy Strategie Grains cut its EU corn crop forecast by 2.3 million tonnes on Thursday to 57.4 million tonnes, down 24 percent from last year’s record-large harvest due to hot, dry weather. Corn basis offers for October were a penny lower at 64 cents over December futures, which closed 6-1/4 cents lower at $3.79-3/4.
Wheat export premiums were flat on slow demand as US prices struggled to compete with lower-cost suppliers. Egypt’s GASC set a tender to buy wheat for October 21-31 shipment. Traders said Black Sea wheat will likely be the cheapest offered in the tender. SRW wheat basis offers for October were 75 cents over CBOT December futures, which closed 6-3/4 cents lower at $4.81-1/2.