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Corn export premiums at the US Gulf Coast weakened on Friday amid slow dealings, while expectations for export demand kept soft red winter wheat premiums mostly steady, traders said. Asian buyers were in the market seeking US and Australian wheat as global grain prices eased for a second consecutive week.
Egypt, the world's top wheat importer, may issue a tender for wheat early next month as stocks dwindle, traders said. If Egypt buys wheat for June shipment, US origin was likely to be the most competitive, traders said. Shipment periods from the second half of July onward could include offers of new-crop Black Sea wheat.
Indonesian millers bought about 200,000 tonnes of South American corn in recent deals for delivery in May and June. Demand for US corn and soyabeans has been concentrated on new-crop shipments, according to traders. Several soyabean exporters said they were not offering nearby shipments as they were unsure if they could source enough supplies at a reasonable price to fill an ocean-going vessel. Supplies of old-crop soyabeans are scarce due to strong demand from top buyer China and a historic US drought that slashed output last year.

Copyright Reuters, 2013

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