Export premiums for soyabeans shipped from the US Gulf Coast were steady on Tuesday, capped by seasonally slowing export demand amid the approaching harvest of a bumper South American crop, traders said. Several analysts have raised their Brazilian soyabean crop forecasts over the past week as good weather boosted the crop.
China has most of its January and February soyabean purchase needs filled with the recent flurry of buying and the country's March import needs are up to half filled, a trader said. Corn export premiums were mostly flat on muted demand for near term shipments and moderate demand for springtime deliveries, largely from regular customers such as Mexico and Colombia, traders said. Wheat premiums were unchanged on weak demand for the soft red winter variety and routine demand for hard red winter wheat, traders said.
Egypt's GASC bought 360,000 tonnes of wheat from Argentina, Russia and Romania via a tender on Tuesday. No US wheat was offered in the tender, although traders said prices would be near those offered for Argentine wheat. January US soyabean shipments were offered at about 57 cents a bushel over Chicago Board of Trade January futures, which closed 16-1/4 cents lower at $10.05-1/4 a bushel.
January corn shipments were offered at about 54 cents over CBOT March futures, which closed 3 cents lower at $3.50-1/4 a bushel. Offers for January soft red winter wheat shipments were about 70 cents over CBOT March futures, which settled 1-3/4 cents lower at $4.03-1/4 a bushel.
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