Export premiums for US soyabeans shipped from the Gulf of Mexico were firmer for remaining shipment slots in March, while values for April and May fell amid expectations for business to shift to South America, traders said, Hard wheat basis offers were steady to higher as exporters competed with domestic millers for tight supplies. Corn and soft wheat export premiums held steady.
Most grain importers were staying on the sidelines until they can gauge the market's reaction to a US government crop report to be released on Tuesday morning. Corn export premiums were supported by expectations for more sales to Asia and holding steady despite lower basis levels in the CIF barge market that supplies the Gulf. US corn accounted for about half of the 440,000 tonnes of corn bought by South Korean feedmakers in published tenders last week, said traders, who based their information on USDA confirmed sales totalling 216,000 tonnes.
Next round of buying by South Korea and Japan expected to be for April and May shipment, with more sales going to South America, traders said. Argentine corn offered at $162 per tonne FOB for April shipment, compared with US corn at $173 and Brazilian corn at $177-$178, traders said.
Taiwan re-tendering for a cargo of US or South American corn after passing last week. Could pass again, traders said. US wheat strikes out on all recent tenders due to high price. Iraq buys 350,000 tonnes of hard wheat from Canada, Australia, Germany and Russia. Iraq paid $230 to $240 per tonne FOB. US HRW wheat bids not known but traders were quoting $248 to $250 on Friday.
Pakistan gets only one bid in US wheat tender; eventual sale unlikely, traders said. China expected to buy mainly South American soyabeans going forward after booking large amounts of US soyabeans for February and March shipment.
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