Corn and soyabean export premiums at the US Gulf Coast were steady on Monday amid moderate export demand and flat CIF basis values, traders said. Recent steep decline in futures prices has revived some export demand for corn, but ample supplies of less expensive feed wheat continue to keep a lid on sales, traders said.
Private exporters sold 130,000 tonnes US corn for 2010/11 shipment, 100,000 tonnes for 2011/12, both to "unknown" destinations, USDA said. Some traders linked to the corn sales announcement to rumors last week that China was buying US corn. But others said the tonnage suggested a non-Asian buyer, most likely Mexico, which would take delivery via rail. Taiwan Sugar to tender on Thursday for 23,000 tonnes corn, 12,000 tonnes soyabeans for August shipment.
Export demand for US soyabeans at the Gulf was minimal as many buyers currently sourcing supplies from South America, traders said. Private exporters sold 132,000 tonnes US soyabeans for 2010/11 shipment to China, USDA said. Bunge Vietnam soya processing plant begins production. Soyabean imports expected to double next year to 1.5 million tonnes, with most of that volume expected to come from South America. US wheat export premiums were unchanged amid slow demand, with many buyers awaiting restart of Russian exports on July 1. Promise of cheaper supplies from Russia restricting demand for higher-priced US wheat, traders said. Russian grain prices falling after Egypt said it would not consider Russian wheat imports until harvest is known.
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