Corn export premiums at the US Gulf Coast were lower on Tuesday, pressured by sluggish demand with futures prices hovering near all-time highs, traders said Many regular buyers of US corn have stepped back from the market and were instead focused on taking delivery of previously contracted loads, not making new purchases.
Feed wheat competing with high priced corn in feed rations. Some Canadian feed wheat being used in hog rations in the US Southeast, traders said. Australian feed wheat may displace US corn in Asia. FOB basis offers for wheat were flat amid minimal demand, mostly for hard red winter wheat, traders said. Iraq seeking at least 100,000 tonnes of any origin wheat in a tender closing on Saturday. Australian wheat has been competitive in recent Iraq tenders and may offer the stiffest competition for US wheat, traders said.
Japan seeking 147,712 tonnes of US wheat in a regular tender closing on Thursday. Russia is expected to resume grain exports in the autumn when the harvest begins, a senior trader Danish bank Saxo said. Exports have been halted since mid-August following the worst drought in a century.
Comments
Comments are closed for this article.