US corn and soyabean export premiums at the Gulf of Mexico were quietly unchanged on Thursday in subdued trade ahead of Friday's New Year's Day holiday when markets will be closed, traders said. Wheat export premiums were flat amid dull demand, with US wheat again left out of Egyptian tender due to high prices, traders said.
Export market activity was thin this week due to many traders away for the year-end holidays. Chicago Board of Trade grain and soyabean futures closed on Friday for the holiday. Gulf loading capacity essentially sold out through January. February corn, soya premiums underpinned by limited available capacity, traders said.
Demand for US soyabeans remains robust as prices are competitive with South American origin beans into March shipment periods. Taiwan's BSPA bought 58,000 tonnes US soyabeans on Thursday after passing on a tender for US or South American soya a day earlier. China bought six cargoes US soyabeans earlier this week. Traders said three appeared to be for first half March shipment from the PNW.
But China's purchases seen down in coming weeks as big shipments arrive, crush margins narrow, CNGOIC said. Traders anticipating greater shift in demand away from US soya to South American soya. Record-large Brazilian, Argentine crops expected this spring and weather has been beneficial for large yields in recent days.
US corn export demand was mixed, with good demand from drought-hit Mexico offset by sluggish demand from some regular Asian customers, traders said. US wheat export demand hurt by highest prices in the world, comparatively higher freight costs into key markets, traders said. Egypt, the world's top wheat importer, bought 240,000 tonnes of Russian wheat on Thursday. US wheat about $45 a tonne more expensive on a cost and freight basis.
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