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FOB Gulf corn steady, demand lifts soyabean
Reuters
CHICAGO , US FOB Gulf corn basis offers were mostly steady Friday, while nearby soyabeans were higher in line with gains in the CIF market fuelled by exporter demand.
Dealers said FOB offers for February/March position were 2-3 cents per bushel higher, shadowing similar increases in the CIF barge market posted earlier in the day.
Tight supplies in the export pipeline following a slowdown in farmer selling was also cited for the gains.
"The pipeline is tight, and exporters wanted to put on some coverage for shipments they are not covered," one dealer said.
He said exporters also wanted to build up supplies in their pipeline in case some soyabean shipments are shifted from Brazil to the US Gulf due to rain delays to loading.
Another dealer said a Chinese processor was seeking to buy one cargo of US soyabeans for shipment from the US Gulf.
"At least three exporters are chasing that business," he said.
"I don't know why he (processor) wants to buy a cargo from the US for March when it's at least 30 cents per bushel cheaper in Brazil," the dealer added.
There was talk that China bought at least two cargoes of US soyabeans this week.
The purchases come at a time when the business seasonally shifts to Brazil and Argentina, the world's second and third largest exporters after the United States.
The China talk helped rally CBOT soyabeans, with the March ending 5-1/2 cents higher at $5.74 per bushel.
Meanwhile, the USDA's weekly report said export sales totalled 397,500 tonnes in the week ended February 13, 9 percent below the previous week.
China took 276,800 tonnes, of which 166,000 tonnes were switched from unknown destinations.
The USDA said corn sales totalled 466,200 tonnes, 25 percent below the previous week's. Mexico bought 267,300 tonnes.
There was continued talk in the market that purchases by Mexico were in anticipation of the Mexican government issuing soon tariff-free import quotas for corn.
Last year, Mexico issued tariff-free import quotas for 2.67 million tonnes of US corn under the North American Free Trade Agreement (NAFTA) that includes Canada.
In overnight trade, South Korea bought 105,000 tonnes of non-GMO corn for human consumption.
One cargo of 52,500 tonnes for June 15-July 5 shipment was from China, and the other from either South Africa or South America for May 20-June 10.
The USDA meanwhile said weekly wheat sales totalled 324,200 tonnes, down 9 percent from the previous week.
Japan took 97,400 tonnes and South Korea 65,500 tonnes.
Dealers said Mexico was in the market for soft red winter wheat, but had no further details.
MGR Archive 24.2.2003
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