US soyabean export premiums at the Gulf of Mexico were steady to firm on Monday amid tight supplies and rising premiums in competing exporter Brazil, while corn premiums were generally steady, traders said. South American soyabean prices for nearby shipments quoted lower than US, but export capacity is nearly full. US more competitive in August/September positions amid recent spike in Brazilian premiums, but offered supplies are thin.
High prices keeping US export sales seasonally slow, but forecast for tightest ending stocks in 32 years keeping floor under values. Demand for US corn remains solid, although recent declining prices keeping overseas buyers on the sidelines awaiting market to bottom, traders said. US corn futures fell to the lowest level in nearly two months on Monday, pressured by improved crop weather. Forecasters call for "greenhouse-like" weather in the Corn Belt this week, which will help speed delayed development.
Wheat export premiums were generally steady as firm values in the CIF barge market offset sluggish demand from exporters. Stronger dollar also hanging over export prospects. Concerns over light test weights of new-crop SRW have pushed up prices substantially in past two weeks.
US soft wheat prices not competitive with French or eastern European wheat, traders said. Major wheat importer Egypt cancelled a tender last week but many traders believe it may be tendering again shortly. Australia missing out on wheat sales to Asian customers as tight supplies push domestic prices up, logistics plague exporters.