Soyabean export premiums at the US Gulf Coast were mostly steady to weaker on Tuesday on a lull in demand as many global buyers were delaying large purchases until prices stabilise from the recent slide, traders said. New demand from top importer China was quiet despite improved crush margins at soya processing plants there. Still, Chinese importers have made modest purchases of US soyabeans in recent days.
USDA on Tuesday confirmed a private sale of 110,150 tonnes of US soyabeans to unknown destinations for 2012-13 delivery. The buyer was widely believed to be China, traders said. A halt in grain loading at Argentina's Rosario port due to changes in customs procedures did not impact soyabean loading, traders said.
Benchmark November soyabean futures on the Chicago Board of Trade closed modestly higher on Tuesday but prices were well below session highs. The spot contract has fallen nearly $3 per bushel, or about 15 percent, in the past 1-1/2 months. Corn export premiums at the Gulf were flat in muted trading as rival suppliers continued to offer corn at steep discounts to US prices. US Gulf offers for nearby shipments were around $316 per tonne FOB, while Brazilian and Argentine corn offers were nearer to $270 per tonne FOB. Wheat export premiums at the Gulf were also unchanged in slow trade due to uncompetitive US prices compared with other exporters.
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