FOB Gulf Grain-Soy offers stay mostly steady on new-crop demand

CHICAGO, May 29 (Reuters) – FOB basis offers for soybeans at the U.S. Gulf of Mexico were mostly steady on Thursday as exporters said they continued to see demand for the new crop.

* Offers for corn and wheat also were stable, traders said

* Demand for 2014/15 U.S. soybeans supported offers as China, the world’s top importer of the oilseed, has been a steady buyer recently. On Wednesday, the Agriculture Department said China booked 110,000 tonnes of U.S. soybeans.

* China has more than 5 million tonnes of U.S. soybeans on the books for 2014/15, on its way to an estimated 72 million tonnes from all suppliers for the year. It represents about two-thirds of global soybean imports.

* The USDA on Friday is expected to report U.S. soybean export sales last week were 400,000 to 800,000 tonnes, analysts said. U.S. corn export sales are estimated at 450,000 to 850,000 tonnes, while wheat export sales are estimated at 200,000 to 600,000 tonnes.

* The Korea Feed Association bought 60,000 tonnes of optional-origin corn in a tender for delivery in South Korea by Dec. 25, U.S. traders said on Thursday.

* Nearby soybean basis offers were steady with June offered at 95 cents over July futures and July offered 90 cents over. Offers for September dropped 5 cents to 155 cents over and new-crop October was unchanged at 116 cents over.

* FOB corn offers were flat as interest continued from usual buyers. June was unquoted, and July and August loadings were steady at 85 cents over CBOT July futures.

* Hard red winter wheat FOB offers for June were quoted at 143 cents over Kansas City July futures, unchanged from Wednesday. Soft red winter wheat offers also were steady at 70 cents over for the first half of June, traders said.

* Southern Hemisphere and Black Sea continue to take business away from the U.S. but the onset of the winter wheat harvest in the states over the next month should make U.S. prices more competitive, traders said. (Reporting by Tom Polansek)

About the author



Stories from our other publications