China soybean: APM-6 premium rises as China snaps up more cargoes
AgriCensus APM-6 China premium was assessed at 111 cents per bushel over March futures, equating to $380/mt, up $2/mt from Wednesday.
AgriCensus assessed the APM-6 taking into account the best offer at 114 cents per bushel for February shipment and 113 cents for March as well as bids at 108 cents for March shipment.
AgriCensus assessed on the latest deal at 111 cents per bushel for March shipment with February shipment seen in a flat structure.
Other deals reported include: an April shipment at 109 cents per bushel over May futures CFR N China; and two FOB deals ex-Santos, one at 43 cents per bushel over March futures for March shipment and another at 55 cents per bushel over May for May shipment.
The increase in trade reflects a desire to lock in volume before the start of Chinese New Year and to protect against any upside risk emerging from US/China trade talks.
Soymeal May futures contract on the Dalian rebounded by about 1.3% to the upside on Thursday as more traders closed out positions.
Open positions were more than 77,500 lots fewer on the day, down more than 4% from Wednesday.
