US FOB Gulf soyabeans were lower on Tuesday amid a lack of fresh export demand with buyers turning to South America. Corn and wheat were steady.
Traders said Brazil is already loading vessels with new-crop soya and Argentine traders expect to be able to buy freshly harvested soyabeans starting next week.
Prices at Rosario, Argentina's main grain export port, sank to $169 per tonne FOB, down from $177, in anticipation of fresh supplies. US soyabeans from the Gulf are priced at $233 per tonne FOB for April shipment.
The spread of bird flu in Europe was causing poultry and livestock producers to be cautious about the amount of soyameal they buy for March, soyameal traders said.
One US traders said the amount of soyameal scheduled to arrive in Europe next month was about two-thirds of normal levels, but no one was canceling shipments.
"Everything is hand to mouth," the trader said.
Asian soyabean buyers took much the same position this fall when bird flu began to spread rapidly, requiring the culling of millions of birds. After a short slump, feed demand picked up as flocks were replaced and consumers began eating chicken again.
Corn export premiums were mostly steady, supported by brisk demand but a lack of sales so far this week, traders said.
"I think the thing that's holding them back right now is the board price," said a corn trader. "They think it's way overpriced. We'll see what a new month brings."
CBOT corn has risen sharply since mid-January amid buying by investment funds.
In the CIF interior barge market, corn for April shipment traded at 41 cents a bushel premium to CBOT May and was rebid at about the same price. CIF corn for June shipment traded at 36 cents a bushel premium to CBOT July and was rebid around the same level, traders said, noting volumes were small.
Hard and soft red winter wheat offers were steady, but recent rallies in wheat futures have priced US supplies out of many markets, traders said.
Nearby customers, such as those in east Asia, continue to seek fresh supplies.
Japan's Agriculture Ministry said it is seeking 167,000 tonnes of wheat in its weekly tender, including 85,000 tonnes of US wheat for May shipment. Results are expected Thursday.
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