Soyabean export premiums at the US Gulf Coast dipped on Thursday ahead of an expected influx of new supplies ahead from the autumn harvest, traders said. Corn and wheat premiums were mostly steady. Farmers continued to hold back on selling crops because of low prices, traders said. Weak prices also are driving some business in the global export market.
Egypt's General Authority for Supply Commodities (GASC) set a tender on Thursday to buy an unspecified amount of wheat from global suppliers for shipment from October 1-10. It was the second tender in as many days for the same shipment period. US wheat is seen as too expensive to compete for GASC's business, a trader said. Private exporters struck deals to sell 130,000 tonnes of soyabeans to unknown destinations for delivery during the 2015-16 marketing year that starts on September 1, the USDA said.
It was the third flash sale of soyabeans this week, and traders said they assumed it was to China, the world's top soya importer. Offers for FOB Gulf corn for September were flat at 62 cents over the CBOT September contract on the Chicago Board of Trade. Offers for soyabeans for September were down 6 cents at 89 cents over November soyabean futures. Offers for FOB SRW wheat at the Gulf for September were flat at 50 cents over CBOT September futures. FOB hard red winter wheat for September was offered 120 cents over the September contract.
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