US wheat export premiums at the Gulf of Mexico were steady to weak on Tuesday amid sluggish demand and abundant world supplies, while corn and soyabean premiums were unchanged, traders said. Wheat export outlook remains lacklustre despite a weak US dollar as currency benefit offset by surging futures.
US dollar hits 14-month low against a basket of major currencies on Tuesday. CBOT wheat futures up 3.4 percent on Tuesday, KCBT wheat up 2.7 percent. Japan seeking 132,000 tonnes US, Canadian, Australian wheat for December loading in ordinary tender closing Thursday. US soyabean export premiums at the Gulf were generally steady on Tuesday amid steady buying on the global market by China, the world's top importer.
Chinese soyabean importers bought about 13 South American cargoes in recent days, traders said. High US soya premiums discouraging some new buying at the moment, but China still needs December-January cargoes from the United States. Spot US soyabean futures reach fresh 5-1/2 week high on Tuesday, but close lower. Nearby CIF soyabean barge values firm amid sluggish harvest pace and need for soyabeans for October export shipments.
US corn export premiums were steady on Tuesday, with recent rise to 3-1/2 month high dampening buying interest. Harvest delays underpinning nearby basis values in the CIF barge market, but bumper crop expected. Emergency lock closure halts river traffic on mid-Mississippi just north of St. Louis. Lock 24 to remain out of service until late Thursday.