FOB Gulf Grain-Soy offers steady-firm on rising Chinese demand

CHICAGO, July 15 (Reuters) – U.S. FOB Gulf soybean basis offers were mostly firmer on Tuesday on rising demand from China for post-harvest shipments and light farmer selling following recent steep price declines, traders said.

* Nearby soybean offers were unquoted due to limited available old-crop supplies and competition from cheaper South American soybeans on the world market.

* Chinese crushers have stepped up purchases of U.S. soybean cargoes this week for shipment in the last quarter of the year. The world’s top soy importer has also been forward booking new-crop Argentine supplies.

* The U.S. Department of Agriculture on Tuesday confirmed a private sale of 120,000 tonnes of new-crop U.S. soybeans to China.

* Soybean offers for September were unchanged at 180 cents over November futures and October was quoted 10 cents higher at 165 cents over.

* Corn export premiums at the U.S. Gulf were little changed amid lower futures prices and limited demand. Importers were reluctant to book large orders as prices have been falling consistently.

* FOB Gulf corn was steady for August/September at 100 cents over September futures and October/November/December slots were steady at 105 cents over December futures.

* U.S. wheat export premiums at the Gulf were about steady.

* A recent steep price drop has made U.S. soft red winter wheat more attractive on the world market, although exporters still face stiff competition from rival Black Sea region and European suppliers.

* Russian wheat was the least expensive wheat offered to Iraq in a tender that closed this week. The cheapest U.S. wheat offered was about $54 per tonne more expensive than the lowest Russian offer.

* SRW August loadings were steady 95 cents over CBOT September futures and September was 100 cents over futures.

* Gulf HRW August was steady at 150 cents over KCBT September. Loadings for Oct/Nov/Dec were unchanged at 175 cents over KCBT December futures. (Reporting by Karl Plume; Editing by Lisa Shumaker)

About the author



Stories from our other publications