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US soyabean export premiums at the Gulf of Mexico retreated on Tuesday, pressured by a rally in futures prices and slowing export demand, traders said. Corn and soft wheat held steady while hard wheat rose due to tight supplies. Soyabean supplies remain tight in export pipeline, with the barge market inverted and paying more for nearby shipment.
China, the worlds biggest soyabean buyer, was quiet and favouring Brazilian soyabeans. Tight soyabean situation compounded by upcoming closure of the Mississippi River above Lock 20 at Canton, Missouri, through Sunday. Few export tenders ahead of USDAs supply/demand report on Wednesday morning, which is expected to trim soyabean ending stocks. Market awaiting results of Iraqs tenders for wheat, rice. US wheat not expected to win due to its high price of $250 per tonne FOB for 12.0 percent protein.

Copyright Reuters, 2009

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