Wheat export premiums at the US Gulf Coast were steady on Tuesday amid mostly routine business and tightening global supplies of high-protein milling wheat, traders said. US wheat futures prices rallied on Tuesday, led by spring wheat, on talk of lower-than-anticipated production of the high-protein crop in the northern Plains.
The price spike kept many buyers on the sidelines on Tuesday. Some areas of Germany, a high-protein wheat exporter, have had excessive harvest-time rains that threaten new-crop quality, while Canadian spring wheat appeared to be at a greater-than-normal risk of early frost.
Japan seeks 106,432 tonnes of wheat via a regular tender, including 41,602 tonnes US spring wheat. Dealers also reported wheat demand inquiries from Mexico and Brazil for autumn shipments. US corn export premiums were mostly flat to weaker on Tuesday amid dull export demand blamed on elevated prices and competition from other feeds such as wheat, traders said.
Corn futures on the Chicago Board of Trade climbed about 1 percent on Tuesday, with new-crop December hitting a fresh contract high, supported by rallying wheat and some concern about grain fill in the developing US crop. Rising futures and dull export demand weighed on the CIF corn barge market on Tuesday and that added pressure to FOB basis offers, traders said.
Comments
Comments are closed.