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Export premiums for soyabeans shipped from the US Gulf Coast were mixed on Wednesday, with nearby values supported by good demand for spot shipments, and deferred offers weighed down by stiff competition from South American suppliers, traders said. Corn export premiums were mostly steady, underpinned by modest demand as US shipments were competitively priced on the world market through May, traders said.
Wheat premiums were flat to weaker amid sluggish demand for US supplies. A pickup in soyabean sales this week by farmers in Argentina and Brazil anchored soya export prices in South America, but congestion at some ports there is stirring expectations that some optional-origin sales could load from the United States instead. Wait times at Brazil's Paranagua port are greater than 40 days, traders said.
Soya crush margins in China have improved in recent days, stoking increased buying interest. Importers there have booked at least 6 cargoes of Brazilian soyabeans since the beginning of this week, traders said. Spot CIF soyabean barge bids were at their highest in two weeks as exporters seek fresh supplies for near term loadings. Egypt's Agriculture Ministry said it would allow 0.05 percent ergot in wheat shipments after disputes over the fungus disrupted imports in recent weeks.
FOB Gulf soyabeans loaded in early March were offered at 70 cents a bushel over CBOT March futures, which closed 2-3/4 cents higher at $8.82-1/2 a bushel. Corn offers for March shipment were around 56 cents over CBOT March futures, which ended 4-1/4 cents higher at $3.67-1/4 a bushel. March shipments of soft red winter wheat at the Gulf were offered at about 65 cents over CBOT March futures, which closed 4-1/4 cents higher at $4.68-1/2 a bushel. Spot hard red winter wheat offers were about 110 cents over March futures which closed 3-1/4 cents higher at $4.54 a bushel.

Copyright Reuters, 2016

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