US wheat export premiums at Gulf Coast terminals held steady on Monday, capped by light demand for US supplies as cheaper grain is available from several other exporters. US wheat was not expected to benefit immediately from export curbs by Russia which are likely to limit its participation in upcoming international tenders.
Top importer Egypt expects to receive all of the Russian wheat it bought for January shipment despite the export curbs. Russia is Egypt's largest wheat supplier, but Egypt has increased purchases of French, Romanian and Ukrainian wheat in recent tenders. In a move that surprised some traders, Iraq bought 50,000 tonnes of US hard wheat in a tender that closed last week. Iraq also bought Canadian and Australian wheat.
HRW wheat offers for January at the Texas Gulf were unchanged at 130 cents over KCBT March, which ended 3-1/4 cents higher at $6.47-1/2 a bushel. SRW wheat January offers at the Louisiana Gulf were steady at 130 cents over CBOT March , which ended 4-3/4 cents higher at $6.15-1/2. US FOB Gulf soyabean basis offers were steady in quiet trade as demand from top importer China and others was shifting to South American supplies, which will be flowing into the export market in the next month or two.
The US Department of Agriculture reported 2014/15 marketing year soyabean export sales in the week ended December 18 at 635,700 tonnes, the lightest old-crop sales in five weeks. New-crop sales of 1.5 million tonnes, nearly all to China, were previously announced by USDA's daily reporting system. Traders quoted FOB January soya unchanged at 98 cents over CBOT January, which ended down 5-3/4 cents at $10.41-3/4. Corn export sales of more than 1.7 million tonnes in the week ended December 18 were largest in 10 weeks and well above trade expectations for 500,000 to 800,000 tonnes. Turkey is seeking 100,000 tonnes of corn for shipment in February and March via a tender closing January 14. January through March corn offers FOB Gulf were quoted at 70 cents over CBOT March, which closed 2 cents lower at $4.12-3/4.
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