News
05.08.2009
FOB Gulf soya export premiums steady to firm
US soyabean export premiums at the Gulf of Mexico were steady to firm on Monday, supported by good demand, while corn and wheat export premiums were mostly steady, traders said. Softening US dollar supportive to US export prospects. Strong demand from China for US soyabeans, mostly for new marketing year delivery.
The world's top importer has been buying large amounts of new-crop US soyabeans in the past few weeks, including a nearly-2-million-tonne purchase last week. USDA said private exporters reported the sale of 116,000 tonnes new-crop US soyabeans to unknown. Traders said China was the likely destination of at least half of that volume.
Taiwan's BSPA seeking 120,000 tonnes US or Brazilian soyabeans for 2009/10 marketing year shipment. BSPA passed on a soyabean tender last week due to high prices and prices have only increased since then. But if BSPA buys, it will likely purchase US soyabeans, which are cheaper than Brazilian, traders said.
CORN, WHEAT Corn export premiums generally unchanged from Friday amid steady demand from regular customers of US corn. Offers for corn and soya shipments during August and September were thin as export capacity nearly sold out due to good buying earlier this summer, traders said. Little competition for US corn in the world market following drought-shortened crop in No 2 exporter Argentina.
Argentine government to remove export restrictions for wheat and corn, but would not lower export taxes, a move farm leaders had been seeking. Wheat export premiums were mostly steady, but with a weak tone due to dull demand and abundant global supplies. Israeli private buyer seeking 15,000 tonnes feed wheat, 15,000 tonnes corn, 10,000 tonnes barley, all European-origin.
Reuters
