Soyabean export premiums at the US Gulf Coast were flat on Monday amid poor demand from China for spot shipments and moderate demand from the world's top soya importer for deferred US supplies, traders said. Poor nearby crush margins at Chinese processors keeping a lid on spot demand. March margins near break-even so some traders reported some demand inquiries for February shipment from the Pacific Northwest, but no confirmed sales.
Moderate demand for new-crop US soyabeans from China as crush margins there were profitable in deferred months. A trader said one or two cargoes may have traded on Monday for October shipment. Soyabean export inspections in the week ended December 16 were slightly above trade expectations at 44.6 million bushels, nearly unchanged from previous week's upwardly revised figure.
US corn export premiums at the Gulf were flat to lower, weighed down by sluggish demand. Corn export inspections were below trade expectations at 27 million bushels, which was well short of the pace needed to meet the USDA full-year export target, traders said. Export premiums for US soft red winter wheat were firm amid very tight supplies in marketing channels. Hard red winter wheat premiums underpinned by solid export prospects for US high-protein supplies following crop damaging rains in Australia.
Australian hard wheat prices rose about $25 per tonne over the weekend as the harvest was up to a month behind pace and much of the normally high-quality crop was likely to be feed-grade at best, traders said. Traders awaiting results of Iraq tender for at least 100,000 tonnes wheat. Offers were submitted on Sunday, with results expected later this week. US HRW wheat prices were competitive in the tender, traders said. Oman tendering for 50,000 to 100,000 tonnes of hard wheat on Tuesday for February shipment, a trader said.
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