FOB Gulf Grain-Soy offers steady, eye on South American imports

May 6 (Reuters) – U.S. FOB Gulf soybean basis offers were mostly steady on Tuesday, underpinned by tight U.S. old-crop supplies and strong domestic demand but capped by record-large imports of South American soybeans this season.

* Nearby CIF soybean basis bids firmed on strong demand from domestic processors. FOB May soybean basis offers held at 88 cents over Chicago Board of Trade May futures and June/July at 90 over July futures.

* The United States has already imported several cargoes of Brazilian soybeans over the past month. Canadian soy shipments have further bolstered supplies. Several traders expect imports to top the current government full-season forecast of 65 million bushels.

* There are at least four soybean vessels in Brazilian port lineups with the destinations declared to be the United States. One vessel, the Akaki, is steaming up Cape Fear on Tuesday toward a Wilmington, North Carolina, berth.

* U.S. soybean futures on the CBOT eased on Tuesday on ample South American supplies and sluggish demand from China. The spot contract touched a five-week low.

* Near term demand from China was sluggish and U.S. prices were about $40 per tonne above South American prices. Chinese importers inquired about South American soybeans arriving later in the summer, traders said.

* FOB corn export premiums were generally unchanged. Demand was muted following a surge in futures prices on Tuesday amid worries about rainy weather delaying U.S. spring planting.

* The U.S. Department of Agriculture on Tuesday confirmed the cancellation of 100,000 tonnes in private U.S. corn sales to Spain and 120,000 tonnes in sales to unknown destinations, both for 2013/14 delivery.

* U.S. wheat export premiums were mostly steady to slightly firmer in nearby positions due to limited available loading capacity at the Gulf. Demand for U.S. wheat was very slow due to uncompetitively high prices, traders said.

* U.S. soft red winter wheat futures jumped more than 1 percent to the highest in 13 months on worries about deteriorating crop conditions in the U.S. Plains. Kansas City hard red winter wheat rose to its highest in 16 months.

* Worries about political turmoil in Ukraine, a major grain exporter, have underpinned wheat prices since March despite continued shipments from the region and historically ample global wheat supplies.

* Ukrainian wheat exports in April were nearly double March levels, but maize exports declined sharply.

* Jordan bought 50,000 tonnes of optional-origin wheat via a tender. Libya bought 30,000 tonnes of Black Sea wheat. (Reporting by Karl Plume in Chicago; Editing by David Gregorio)

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