Export premiums for soyabeans shipped from the US Gulf Coast were mostly steady on Tuesday as seasonally slowing demand capped nearby offers and concerns about Argentine production underpinned deferred values, traders said. Soya demand from top importer China has eased due to narrowing crush margins and ample supplies following heavy import purchases in November and December, traders said.
Concerns about a smaller Argentine soya crop following recent heavy rains and flooding kept a floor under prices for springtime US shipments.A truckers' strike in Brazil is in its fourth day, with truckers blocking grain shipments on some roads leading to ports in southern Brazil. Ports have not reported any disruptions.
Corn export premiums were steady on moderate demand and tight near-term export-loading capacity, traders said. The US Department of Agriculture on Tuesday confirmed private sales of 102,944 tonnes of old-crop US corn to unknown destinations.
China will produce 4.1 percent less corn in the year ending September 2017 and imports will drop 68.8 percent, according to forecasts from China's agriculture ministry. Wheat export premiums held steady on moderate demand for US supplies and a weaker dollar.
Egypt's GASC on Saturday bought 235,000 tonnes of Russian and Romanian wheat via a tender for late-February shipment. There was no US wheat offered in the GASC tender, although SRW wheat costs were lower on an FOB basis. Lower freight costs from the Black Sea region made US grain costlier for Egyptian buyers, traders said.
FOB basis offers for February shipments of soyabeans were 50 cents a bushel above CBOT March futures, which closed 23 cents higher at $10.69-1/4 per bushel.
February corn shipments from the Gulf were offered around 62 cents a bushel over CBOT March futures, which closed 7 cents higher at $3.65-1/2 a bushel.
Offers for February soft red winter wheat shipments were about 70 cents over March futures, which closed 7-1/2 cents higher at $4.33-1/2 a bushel.
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