Soft red winter wheat export premiums at the US Gulf Coast were steady to firm on Tuesday on renewed demand from Egypt's government buyer which bought its first wheat on the world market in four months, traders said. US hard red winter wheat premiums were unchanged.
Egypt's GASC bought 60,000 tonnes US SRW and 60,000 tonnes French wheat on Tuesday in a tender that excluded Black Sea origin wheat. Lower futures on Tuesday may help to generate improved buyer interest for US wheat, along with the weakness in the US dollar, traders said.
Wheat prices in the southern Russia export region were much lower than US and other origins, but uncertainty about potential export regulations once the market reopens on July 1 limited demand for Russian wheat. Russian grain exports could reach 8 million tonnes from July to September, the head of the Russian Grain Union said.
Canada, a major wheat exporter, expecting the second-lowest spring wheat acreage this year since 1971. Japan seeking 259,303 tonnes wheat via regular tender, including 162,393 tonnes from the US. Saudi Arabia expects wheat imports this year to be steady with 2010 at 2 million tonnes.
Corn export premiums at the US Gulf were flat on Tuesday amid muted demand, traders said. Corn futures were down sharply on Tuesday, but prices remain near last week's record highs. The elevated prices and cheaper costs for alternative feeds such as feed wheat limited demand from foreign buyers. Israeli buyers tender for 27,000 tonnes corn, 22,000 tonnes corn products, 8,000 tonnes soyameal.
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