US wheat export premiums at the US Gulf Coast were near steady on Wednesday, with soft red winter wheat values underpinned by hopes for another sale to top importer Egypt, traders said Egypt's GASC seeking wheat for May 1-10 shipment, with tender results expected on Thursday.
Traders said US SRW wheat and Argentine wheat offers would be the most competitive. French wheat will likely be too expensive and Black Sea wheat may not be offered. Trade awaiting result of Iraq's wheat tender which closed on Tuesday. Confirmation said possible on Thursday amid talk that Canadian and Australian wheat cargoes were sold. Four German wheat vessels and one Russian wheat vessel were in port lineups for shipment to Iran, a further confirmation of recent sales that some traders were unsure would be loaded and shipped, a trader said. Iran made inquiries about US wheat prices on Wednesday for April shipment, but it was not clear if any fresh deals were signed, the trader said.
Soyabean export premiums at the US Gulf Coast held mostly steady on Wednesday on solid export demand, including some for shipment this summer during the main South American export season, traders said. More old-crop soyabean sales to China expected amid crop woes and logistical snags in South America, traders said.
Analysts Agroconsult cut its Brazilian soya crop forecast to 67.1 million tonnes, down from 69.9 million tonnes previously. Other forecasters have also recently lowered their forecasts, including closely followed crop scout Michael Cordonnier on Tuesday. Port workers in Argentina suspended on Tuesday a 12-day-old strike that had delayed 85 grain ships.
Brazilian soyabean premiums up sharply at midweek, underpinning US old-crop values on ideas that demand for summer shipments of US soya would be stronger than normal. US corn export premiums at the Gulf Coast were flat on Wednesday amid quiet demand that has been muted by the recent increase in prices, traders said.
Comments
Comments are closed for this article.