US FOB Gulf soyabean premiums higher

Export premiums for soyabeans shipped from the US Gulf Coast were unchanged to slightly higher on Monday, underpinned by steady demand and firmer CIF barge basis values, traders said. Nearby CIF soyabean basis bids at the Gulf rose by 1 cent to 3 cents per bushel on Monday afternoon on active export loadings and a slowdown in farmer selling.

Soyabean export inspections topped 2 million tonnes last week for the fourth consecutive week, the USDA said on Monday. The USDA on Monday confirmed private sales of 126,000 tonnes of US soyabeans to unknown destinations for 2015-16 delivery. The agency also reported a change in destination for 256,740 tonnes in soyabean sales from unknown destinations to China. Preliminary China customs data pegged October soyabean imports at 5.53 million tonnes, down about 24 percent from September but up 35 percent from October 2014. Year-to-date imports are up nearly 15 percent.

Traders are monitoring an indefinite strike by independent truckers in Brazil that blocked traffic on some states on Monday. A prolonged strike could cause supply shortages at ports. FOB Gulf corn and wheat basis offers were flat on slow export demand as cheaper grain is available from other parts of the world. Egypt’s GASC is seeking cargoes of wheat from global suppliers for shipment December 11-20. Results of the tender are expected on Tuesday. Traders said US wheat is not expected to be offered at competitive prices in the tender.

The USDA will release it monthly supply and demand report on Tuesday. Some analysts expect the agency to cut its 2015-16 US corn export outlook amid a lagging pace of sales to date and expectations that competition from cheaper supplies from rival exporters will keep a lid on demand through the season. FOB Gulf soyabean basis offers for November were a penny higher at 82 cents a bushel over Chicago Board of Trade January futures, which closed a penny lower at $8.66-1/4 per bushel. FOB Gulf corn basis offers for November loadings held at 76 cents a bushel over Chicago Board of Trade December futures, which closed 6-1/4 cents lower at $3.66-3/4.

Copyright Reuters, 2015


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