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US corn export premiums at the Gulf of Mexico were steady to firm on Tuesday, supported by moderate overseas demand and steady to firm CIF barge basis values, traders said. US corn prices are competitive with Argentine corn into key markets in Asia and some Latin American destinations.
A trader said some importers booking sales ahead of the main thrust of US corn seeding when weather could send prices soaring. Wet weather delayed planting in each of the past two years and prices rose sharply then between early April and June. Exporters continue to struggle sourcing No 2 corn, more in the PNW than the Gulf. Gulf spread between No 2 and No 3 around 8 to 10 cents per bushel, or about $3 to $4 per tonne.
China sells nearly 80 percent of corn offered in first weekly auction from state reserves. US Gulf soyabean export premiums were generally steady on Tuesday amid seasonally slow demand, while a lack of farmer selling underpinned CIF barge basis values, traders said.
Dealers reported more active farmer selling of soyabeans in Brazil on Monday and Tuesday as prices firmed. Analysts Celeres said on Monday that farmer sales of new-crop soya were behind the year ago pace. China, the world's top soyabean importer, has bought around 10 cargoes of soyabeans this week, mostly from Argentina, traders said.
FOB basis offers for soft red winter wheat were flat on Tuesday, capped by sluggish demand. Hard red winter wheat export premiums were steady to weak as signs of a healthy new crop triggered increased farmer sales while overseas demand remained lacklustre, traders said.
Japan seeks 157,000 tonnes wheat from US, Canada and Australia via regular tender closing Thursday. Optional origin tenders include Iraq seeking at least 100,000 tonnes wheat and Jordan seeking 100,000 tonnes hard wheat. Traders said some US wheat may trade to Iraq, but Jordan tender likely dominated by EU or Black Sea wheat.
Russia's state grain trader, United Grain Company, said it may take part in building six new port export terminals. Capacity unclear. South Korea considering first ever Kazakh wheat imports, but quality concerns remain. First deal could come later this month. South Korea now buys milling wheat from the US, Canada, Australia; feed wheat from Ukraine, Russia.

Copyright Reuters, 2010

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