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FOB Gulf Grain-Soy offers ease, China eyes new-crop
March 20, 2012 / 9:58 PM / 5 years ago

FOB Gulf Grain-Soy offers ease, China eyes new-crop

March 20 (Reuters) - U.S. soybean export premiums at the
Gulf Coast were flat to lower for old-crop supplies on Tuesday
amid sinking CIF basis bids and lackluster demand after
Brazilian prices fell sharply in recent days, traders said.	
    * Some price inquiries from Chinese buyers reported for U.S.
new-crop shipments, but no fresh sales could be confirmed. China
has recently been booking summer shipments of Brazilian
soybeans, including an April-May cargo on Tuesday.	
    * CIF soybean barge basis bids at the Gulf for nearby
shipments fell by 3 to 4 cents per bushel on Tuesday as a lack
of fresh export sales had holders of soybeans liquidating
supplies amid more competitive prices in South America. Gulf FOB
offers were flat to a penny lower.	
    * Basis also pressured by concerns about slowing growth in
China, the world's top soybean importer.	
    * Traders monitoring labor strife in Argentina after grain
truckers called an indefinite strike to demand higher pay.
 No market impact has been noted yet, as the main
thrust of Argentina's harvest is still two or three weeks away.	
    * Corn export premiums at the U.S. Gulf Coast were mostly
steady on Tuesday, capped by sinking CIF basis values but
underpinned by expectation for additional demand to develop
following recent price decline.	
    * Traders eyeing potential increase in corn import demand
from China as prior large purchases have occurred with benchmark
U.S. futures in the low-$6-per-bushel area. May corn 
closed at $6.47-1/2 a bushel on Tuesday.	
    * Some traders question whether China may wait to book
further corn purchases until after USDA prospective plantings
report on March 30, which was expected to show the largest U.S.
corn acreage since 1944 this year.	
    * Buyers in Taiwan bought corn from Ukraine in small
consignments to test quality, larger purchases possible.
 	
    * Wheat export premiums at the U.S. Gulf were mostly steady
on Tuesday in quiet trade.	
    * Wheat imports by Indonesia, Asia's top importer, may rise
5 percent per year over the next decade amid growing wealth, an
industry group said. 	
    	
    To check displays of FOB basis, click on following:	
    U.S. FOB Gulf corn 	
    U.S. FOB Gulf soybeans 	
    U.S. FOB Gulf SRW wheat 	
    U.S. FOB Gulf HRW wheat 	
    	
    LINKS 	
    * FOB U.S. Gulf Grain                   	
    * U.S. grain export summary             	
    * Brazil soybean export prices          	
    * Brazil corn export prices             	
    * Argentine grain prices                	
    * Russian grain prices                  	
	
 (Reporting by Karl Plume in Chicago; Editing by Bob Burgdorfer)

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