US wheat export premiums at the US Gulf Coast were mostly steady on Monday, with values underpinned by improved global demand for wheat amid tenders by major importers Egypt and Iraq, traders said. Egypt's GASC said it was seeking soft and/or milling wheat for January 1-10 shipments.
GASC bought some US soft red winter wheat in a tender late last month for shipment from the East Coast and the price was far cheaper than Gulf wheat. Gulf prices have risen since that tender so Gulf SRW may again struggle to compete. Some shippers may also be reluctant to offer wheat to GASC amid stringent quality standards, notably limits on ambrosia seeds allowed in shipments, a trader said.
Iraqi Grain Board seeking at least 100,000 tonnes wheat from any origin. Offers due by November 7 and must be valid until November 14. US hard wheat export prospects appear bright in the Iraq tender as prices in competing origins such as Australia were higher, a trader said.
US corn export premiums held mostly steady on Monday amid sluggish demand and narrow supplies in the export pipeline, traders said. High prices restricting demand for US corn. Nearby loading capacity is very tight and buyers likely see little risk in waiting for prices to ease before booking large forward sales other than routine purchases, traders said.
USDA reported private sale of 120,000 tonnes US corn to Egypt for 2010/11 delivery. Cargo of US corn rejected by China last week for unapproved GMO material likely to be allowed into the country, traders said. US soyabean export premiums were unchanged on Monday amid a lull in demand from China, traders said. Crush margins at Chinese soya processing plants have narrowed recently, dampening demand for soyabean imports, traders said.
Weekend rains in Brazil aid soya crop production potential in key areas, cooling some earlier concerns of lower output. US soyabean export inspections in the week ended October 28 were down from the prior week's 11-month high, but still a very large number.
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