Soya export premiums firm at US Gulf Coast
November 24, 2012
Soya export premiums at the US Gulf Coast were steady to firm on Wednesday, underpinned by demand from top importer China, traders said. Private exporters struck deals to sell 120,000 tonnes of US soyabeans to China for delivery during the 2012/13 marketing year, the US Agriculture Department (USDA) said.
Exporters also reported sales of 20,000 tonnes of US soyabean oil to China and 56,000 tonnes of US soyabean oil to unknown destinations for delivery in 2012/13, the USDA said. Strong demand helped underpin prices, as Chinese customs data showed the country imported 4.03 million tonnes of soya in October, up 5.8 percent from a year earlier. Year-to-date soya imports were up 16.6 percent from a year ago.
January soyabeans rose to a one-week high at $14.24 a bushel before turning lower on technical selling. CBOT soyaoil bucked the weak trend in the complex and closed higher for a third day, buoyed by export demand for US soyaoil and short-covering. Traders on Friday will assess export sales data from last week from the USDA.