US soyabean export premiums at the Gulf Coast were mostly steady on Monday amid moderate export demand and increased supplies in the export pipeline following another wave of farmer selling, traders said. Nearby CIF basis values slipped from Friday's highs as futures rallied 1 percent to six-month highs and farmer selling accelerated with cash prices offered to farmers above $14 a bushel. New-crop CIF basis was steady to firm.
Top importer China may have bought at least one cargo of old-crop US soyabeans for May shipment from the Gulf as well as a cargo for next-marketing-year shipment, traders said. China also made routine purchases of South American soyabeans for summer shipment, they said.
Tight nearby capacity at South American ports spurring some demand for old-crop US soyabean shipments. Port congestion in Brazil's Paranagua port causing vessel delays of about 26 days, a trader said. Brazil's soyabean crop seen falling to 66.7 million tonnes from 68 million tonnes forecast in February due to drought, crop forecasters AgRural said.
Wheat export premiums at the US Gulf Coast were mostly steady, underpinned by good export prospects amid concerns about weather damage to crops in exporting countries. Forecasts for potentially damaging cold weather in the southern US Plains in the next two weeks. Concerns about winterkill damage to Europe's wheat crop and current dry weather could support stronger global wheat prices and prompt more import-dependent nations to cover import needs sooner rather than later.
Traders expecting fresh wheat tenders from Egypt's GASC and from Iraq as soon as this week, traders said. A fresh tender from Saudi Arabia could also be looming next month, they said. Price inquiries from Iran for US grain were quiet following steady daily inquiries over recent weeks. But Iran seen still in need of nearby shipments. Taiwan Flour Millers Association seeking 41,650 US milling wheat via a tender closing March 29.
Corn export premiums at the US Gulf were unchanged in quiet trade. Many corn importers were on the sidelines amid sinking futures prices and ahead of the US Department of Agriculture prospective plantings report due on Friday which was expected to show a large jump in US corn seedings. Chicago Board of Trade corn futures fell 1.4 percent, and nearing levels at which China last made large purchases. The latest bids from private Chinese importers were about $3 per tonne below the most competitive export offers, a trader said.
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