Soybean export premiums lower at US Gulf Coast

Soybean export premiums at theUNUS Gulf Coast were steady to lower on Tuesday amid quietUNdemand from China this week and declining CIF basis values,UNtraders said. Adequate soybean supplies in the river market, weakerUNbarge freight and firmer futures prices weighed on CIF basisUNvalues on Tuesday, with nearby bids off 2 to 3 cents a bushel.
China expected to import 5.39 million tonnes of soyabeansUNin December, 0.7 percent less than the same month a year ago,UNaccording to a commerce ministry estimate. US soybean export sales may recover in early 2012 amidUNdry weather in South America which may damage crops there,UNanalysts Oil World said.
Wheat export premiums at the US Gulf Coast were aboutUNsteady on Tuesday amid routine demand from regular buyers. Good demand from Mexico for rail-delivered wheat UNunderpinning basis values. Drought-reduced crop thereUNsupporting demand for imported US wheat, with some forUNmilling and some for feed, traders said. Egypt's GASC bought a cargo each of Russian, French andUNArgentine wheat via a tender on Tuesday.
No US soft red winter wheat was offered in the GASCUNtender. US white wheat was offered at the second-lowest priceUNon a cost and freight basis, but GASC only accepts FOB offersUNwith separate freight offers. US Gulf corn export premiums were flat on Tuesday,UNcapped by quiet export demand. Recent corn price rally in China, along with weaker USUNprices have widened potential profit margins for ChineseUNimports of US corn, although no fresh sales have occurred, UNtraders said.