Export premiums for soyabeans shipped from the US Gulf Coast held mostly steady on Monday as futures prices declined and CIF barge basis values were mixed, traders said. Importers in China have slowed new purchases of US soyabeans, but recent old-crop soya purchases are beginning to be loaded for shipment.
The US Department of Agriculture said about 374,000 tonnes of soyabeans were inspected for export last week, including nearly 138,000 tonnes for shipment from the Gulf Coast to China.
FOB corn basis offers were steady with a firm tone as recent declines in futures prices have attracted demand from overseas buyers, traders said. Still, ample global supplies of feed grains have limited sales at times, they said.
South Korean feed importers have been active corn buyers as prices have slid lower in recent weeks.
US wheat export premiums were flat on light demand.
Egypt's GASC on Monday issued its first international wheat tender since April, seeking grain shipped August 10-20. Traders said US wheat was not believed to be competitively priced for the tender.
Grain traders are awaiting the USDA's updated supply and demand forecasts, scheduled for release on Tuesday. Analysts said agency may trim South American crop production figures and raise US corn and soyabean export outlooks.
Soyabean export premiums for July shipments were 96 cents a bushel over CBOT August futures, which closed 6-1/4 cents lower at $10.77 a bushel.
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