US FOB Gulf soyabean and corn export premiums held steady but volatile futures prices were limiting export demand, traders said. Hard red winter wheat basis offers were steady but basis levels for soft red winter wheat rose amid quality concerns.
High wheat prices were limiting export demand, except for some routine sales of US wheat to Asia. Taiwan bought 89,910 tonnes and South Korea was seeking 42,700 tonnes. Iraq is facing tight supplies of wheat and is trying to wait until prices fall to buy fresh supplies, traders said. To prevent food shortages, Iraq tendered for 350,000 tonnes of wheat flour, which it can distribute more quickly than wheat that must be milled.
Egypt's GASC was also facing tight supplies and expected to retender this week after passing on a tender last week due to high prices. Traders are also awaiting to see if the next wheat tender from India has specifications that would allow US wheat to compete.
US soyabean export premiums were steady but still more than 45 cents a bushel above basis offers in Brazil and 75 cents higher than Argentine basis offers, traders said. US soyabean export sales were limited to mainly Mexico and other nearby destinations with the top-buyer China sourcing from South America.
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