US soyabeans firm on fresh new-crop interest
Soyabean premiums at the US Gulf Coast on Tuesday firmed for October/November shipment, reflecting f…Soyabean premiums at the US Gulf Coast on Tuesday firmed for October/November shipment, reflecting fresh interest in new-crop soya, traders. Corn held steady/firm despite few inquires while soft and hard red wheat basis offers were up. Soft red winter wheat was underpinned by high rail and barge freight costs. One of the most brutal winters to hit the United States in decades has plagued shippers all season.
Ice jams and travel restrictions make it nearly impossible to move SRW wheat from northern locations southward along the Illinois River. Movement on the Mississippi and Ohio rivers was also treacherous. A 65-mile stretch of the Mississippi River was closed from Saturday until Monday afternoon after two barges collided which caused an oil spill. Exporters were not quoting February and many pulled their March SRW wheat offers given the difficulty in moving wheat south to export facilities.
The US Department of Agriculture on Tuesday reported Egypt cancelled a SRW wheat sale of 110,000 tonnes for 2013/14. The announcement did not surprise traders as the recent rally in Chicago Board of Trade wheat futures priced US wheat out of the market, they said. USDA also confirmed a huge soyabean sale of 568,000 tonnes for 2013/14 delivery to unknown destinations.