Wheat export premiums at the US Gulf Coast were steady to firm on Monday after Iraq bought mostly US wheat in a large weekend tender and amid hopes that lower futures prices may attract fresh demand, traders said. Iraq bought 400,000 tonnes wheat via a tender, including 300,000 tonnes US origin.
Lebanon bought 15,000 tonnes US hard red winter wheat via a tender. Egypt's GASC said on Monday that it had enough wheat on hand to last for at least five months and that its purchasing strategy is proceeding as normal. GASC bought at least some US wheat in each of its last seven tenders.
US wheat export inspections last week at 21.441 million bushels, near low end of a range of trade estimates. The pace was below the average weekly inspections pace needed to reach the USDA's 2010/11 export target, according to traders. US soyabean export premiums held steady on Monday, underpinned by tight nearby loading capacity at the Gulf and by firm CIF values, traders said. Gulf loading capacity sold out for March and nearly sold out for early April shipments, traders said.
Poor crush margins limiting Chinese demand for spring shipments of soyabeans from South America. Brazilian markets closed on Monday and Tuesday for the Carnival holiday. US corn export premiums at the Gulf were flat on Monday amid routine demand mostly from regular buyers, traders said.
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