Soyabean export premiums at the US Gulf Coast were mostly steady on Tuesday in quiet trade as importers in China remain on the sidelines as markets there are closed through Wednesday for a national holiday, traders said. An active pace of harvest in the US Midwest, and reports of generally higher-than-expected yields, kept a lid on basis values as incoming supplies outpaced new export demand.
US farmer selling increased on Tuesday as futures prices rose while farmer selling in Brazil slowed with a firmer currency. Still, some Brazilian export offers remain cheaper than US prices despite an active US harvest. FOB Gulf soyabean basis offers for last-half October loadings were unchanged at about 103 cents over November futures, which closed 3-3/4 cents higher at $8.88 a bushel. First-half November shipments were offered at about 100 cents over futures.
Corn export premiums were flat on limited demand as cheaper feed grains are available from other origins and as futures prices rose to two-month highs on Tuesday. Colombia, a top US corn customer, approved the import of about 2.5 million tonnes of corn, with imports set to begin in the coming days. FOB Gulf corn basis offers for last-half October were 67 cents over December futures, which closed 4-3/4 cents higher at $3.98-1/4.
US wheat export premiums held steady amid a modest uptick in demand from regular buyers in Asia. Two South Korean groups bought moderate volumes of US wheat via tenders on Tuesday, both for shipment in early 2016. The purchases included white, spring, and hard red winter wheat.
The Taiwan Flour Millers' Association bought 89,150 tonnes of US milling wheat in a tender on Tuesday. Japan's Ministry of Agriculture set a regular tender to buy total of 119,141 tonnes of US, Canadian and Australian wheat. November SRW wheat offers were 85 cents over December futures, which closed 10-3/4 cents higher at $5.26-1/4. Spot HRW wheat offers were about 105 cents over December futures, which closed 13-3/4 cents higher at $5.15-3/4.
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