Export premiums for corn and soyabeans shipped from the US Gulf Coast were mostly steady on Monday on light demand for US shipments as newly harvested crops in South America are available, traders said. A weaker Brazilian real triggered more active farmer sales, weighing on premiums there and increasing competition in the world market for US shipments.
The US Department of Agriculture on Monday confirmed private sales of 60,000 tonnes of old-crop US soyabeans and 60,000 tonnes of new-crop soyabeans to unknown destinations. Traders said the sales were likely to a European importer. Still, Brazilian farmer sales are well behind normal. Farmers have sold about 58 percent of their projected soyabean crop, down from 76 percent last year and 74 percent on average, according to consultancy Safras & Mercados.
Traders are monitoring potential supply disruptions in Argentina as export grains inspectors will go on a three-day strike beginning on Tuesday over wages. The move could slow corn and soyabean exports at one of the busiest times of the year. Soft red winter wheat export premiums were flat on muted demand while hard red winter wheat offers edged higher as early harvested crops in the southern Plains indicated supplies of high-protein grain will be tight. Soyabean shipments loaded in late June were offered about 42 cents a bushel over Chicago Board of Trade July futures.
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