FOB Gulf Grain-Soy steady/firm on futures weakness

CHICAGO, June 5 (Reuters) – U.S. FOB Gulf soybean basis offers were steady to firmer after the close on Thursday, with old-crop generally higher against a backdrop of lower futures, while corn and wheat were unchanged, traders said.

* Slowed export demand as world buyers turn to cheaper South American supplies – reflected in Thursday’s USDA weekly export sales – and a weakening interior domestic bid weighed on market sentiment. CBOT July soybeans closed 22 cents lower at $14.60-1/2 a bushel.

* USDA reported soy export sales for the week ended May 24 of 41,300 tonnes for old crop and new crop was 230,500, with another 110,000 to China. Shipments last week were 213,400 tonnes.

* South American soybeans are still a $30 to $45 per tonne discount to U.S. beans out of the Gulf, but processor bids have weakened this week with summer downtime starting to affect the markets.

* Soybean FOB basis offers for June steadied at 87 cents over July futures; July and September were 85 and 150 over futures – both up 3. New-crop basis values were unchanged with October at 120 over and November at 115 over futures.

* Corn old-crop net sales were 550,700 tonnes including a cancellations of 92,000 for China and 230,400 to unknown destinations. Shipments stayed healthy at 1.159 million tonnes.

* Argentine corn quotes of around $208 a tonne for July were eating up interest. Gulf FOB corn is being quoted about $211 for August loadings.

* Corn basis offers for June were thinly quoted at 105 cents over July futures. July and August were 82 over futures – both unchanged from Wednesday.

* CBOT July corn closed 7-1/4 cents down at $4.49.

* U.S. wheat export commitments for new-crop sales were 341,400 tonnes. SRW new-crop sales totaled only 52,600 tonnes, with buyers obviously waiting for harvest pressure in the next month.

* USDA said wheat export shipments were 492,000 tonnes last week. China shipped 1,000 tonnes of HRW wheat in the past week.

* SRW FOB Gulf wheat quotes were unchanged for June and July at 68 and 60, respectively, over July futures. Traders said a firm tone in forward FOB values was tied to some concerns about storage rates rising through the summer and fall and weighing on farmer selling on new crop.

* Texas FOB Gulf HRW June/July offers were steady with June loadings at 145 cents over KCBT July futures and July at 143 over futures. KCBT futures gained on Chicago on renewed concerns about the size and quality of the weather-stressed hard red crop, traders said.

* Kansas City July futures rose 1/2 cent to close at $7.14 while CBOT July wheat ended 8-3/4 lower at $6.05-3/4. (Reporting by Christine Stebbins. Editing by Andre Grenon)

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