Export premiums for corn shipped from the US Gulf Coast were flat to lower on Tuesday on light to moderate demand and ample supplies, traders said. Routine buyers inquired about prices for early 2017 shipments, a period in which US corn is competitively priced in the world market. Mexico and Colombia are in the markets for March shipments, a trader said.
Soyabean export premiums at the Gulf were steady to weak on seasonally slowing demand for US shipments from top buyer China, which has booked several cargoes of Brazilian soyabeans this week for shipment in the first quarter of 2017, traders said. Sharply lower Chicago Board of Trade corn and soyabean futures limited basis declines in the cash market. Wheat export premiums were flat on light demand and ample global supplies.
Egypt's GASC bought 240,000 tonnes of Russian wheat in a tender on Tuesday. No US wheat was offered. December corn shipments were offered at about 62 cents over CBOT December futures, which closed 11-3/4 cents lower at $3.36-3/4 a bushel. January shipments were offered at 55 cents over CBOT March futures. December US soyabean shipments were offered at about 50 cents a bushel over CBOT January futures, which closed 13-1/2 cents lower at $10.42-1/2 a bushel. Offers for December soft red winter wheat shipments were about 95 cents over CBOT December futures, which settled 5-1/2 cents lower at $3.84 a bushel.
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