US soyabean export premiums at the US Gulf were higher on Tuesday as CIF barge basis bids climbed amid a lack of farmer selling and good near-term demand from one or two short-bought exporters, traders said. Nearby soyabean FOB basis offers were up about 5 cents a bushel as CIF values climbed by as much as 8 cents due to very tight supplies, trade sources said.
But importer demand for old-crop US soyabeans remained dull as buyers were mostly sourcing slightly less expensive new-crop South American supplies. Cash soyabean prices in South America have firmed in recent weeks due to slow farmer selling. US Gulf prices had been getting more competitive for spring and summer shipments before US cash prices climbed this week, traders said. Traders noted a lull in soyabean demand this week from top importer China as Chinese crusher margins have narrowed. Also, record-large imports expected in May through July.
US corn export premiums at the Gulf were steady on Tuesday. Traders watching for any sign of further import demand from China, although no new sales could be confirmed on Tuesday. High Chinese domestic corn prices and heavy sales in Tuesday's weekly auction from state reserves fuelling speculation that China will import more corn, traders said. The Korea Feed Association passed on tender to buy 55,000 tonnes each of corn, soyameal and feed wheat.
US wheat export premiums were steady to firm amid slow grain movement as farmers assess their new-crop prospects. Demand from many importers has slowed seasonally as the northern hemisphere's winter wheat harvest approaches. Japan seeking 147,000 tonnes food wheat from US, Canada and Australia via a tender closing Thursday. South Korean flour millers buy 25,500 tonnes US wheat for July-August shipment. Other millers seek 60,000 to 65,000 tonnes for August-September.
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