US wheat export premiums at the US Gulf Coast were about steady on Monday, with values underpinned by good demand prospects from buyers in North Africa and the Middle East, traders said. Some US wheat shipments to top importer Egypt were at risk of getting delayed due to problems related to letters of credit as banks issuing the letters have been closed amid widespread protests.
GASC Vice Chairman said earlier on Monday that Egypt's wheat shipments were arriving normally. Wheat traders monitoring protests in Egypt and tension in other countries in North Africa and the Middle East. Some governments have increased grain import programs in response.
Jordan issued tenders to buy 100,000 tonnes wheat, 100,000 tonnes barley from any origin. Bids in Iraqi wheat tender due Wednesday for reply a week later. US and Australian wheat could compete for the business. Saudi Arabia expected to issue a large wheat tender soon. Some traders said the tender may be for 500,000 tonnes and may come at midweek this week. Traders said Canadian and German wheat may be front-runners in such a tender.
US soyabean export premiums were steady on Monday amid quiet demand. Markets in top importer China closed this week for Lunar New Year and many traders are away from offices. Chinese soyabean imports estimated at 4.79 million tonnes in January, the Commerce Ministry said, above prior estimate for 4.55 million tonnes. February imports seen at 2.73 million tonnes. Grain port strike in Argentina disrupting some grain shipments.
Strike situation may worsen if companies threats to suspend workers carried out. Corn export premiums at the US Gulf were flat as demand was sluggish due to elevated prices and good global supplies of feed grains such as feed wheat, traders said.
Comments
Comments are closed for this article.