US wheat export premiums at the US Gulf Coast held steady on Thursday as Egypt set a fresh tender to buy wheat on the world market and as futures prices eased following two days of strong gains, traders said. Egypt's GASC seeking cargoes of soft and/or milling wheat from several origins for August 11-20 shipment.
The world's largest wheat importer bought Russian wheat in a similar tender last week. Russian wheat is the least expensive wheat on GASC's list of approved origins and likely to win a large share of the business, traders said. US soft red winter wheat was the least expensive of the other approved origins, they said.
Egypt and other world wheat importers seen diversifying the origins of wheat they buy instead of simply opting for lower-cost Russian wheat and Moscow re-establishes itself as a steady exporter following a grain export ban. Corn export premiums at the US Gulf held steady on Thursday, underpinned by tight old-crop supplies but capped by a slowdown in export demand following a rally in prices, traders said.
Corn futures were mixed on Thursday after benchmark September rallied more than 7 percent in the previous 2 sessions. Export sales last week hit a 3-1/2 month high on strong sales to China, the top buyer in the week. But demand inquiries from China have slowed as rising prices eroded profit margins for imported corn, traders said. A poll of 10 analysts suggested Chinese corn imports could total about 5 million tonnes in 2011/12, above the 2 million currently forecast by USDA. US soyabean export premiums at the Gulf were steady on Thursday amid muted demand, with top importer China currently making most of its purchases from South America, traders said.
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