US soyabean export premiums at the Gulf of Mexico were mostly steady on Wednesday amid quiet demand from China, the world's top importer, following large purchases in past months, traders said. CBOT soyabean futures have fallen more than 5 percent from last week's multiweek high, but many buyers remain on the sidelines as drop in futures largely offset by firming ocean freight costs this week, traders said.
Lull in new demand from China as large purchases already on the books but most yet to ship due to US harvest delays. But traders said China still needs a few December cargoes and January cargoes. China's tight stocks and high domestic prices seen eventually luring fresh demand for imports. US wheat export premiums were flat amid slow demand and ample global supplies of wheat, traders said.
Winter wheat seeding off to slow start amid wet conditions, late summer crop harvest. Many farmers to collect prevented planting insurance instead of planting in less-than-ideal conditions. Egypt authorities retesting US wheat shipment after initial tests showed more seeds than allowed. Egypt traders expect wheat to be sieved and eventually cleared for import.
US traders taking wait-and-see approach to Egypt shipment. Egypt seen scrutinising shipments more closely after recent issues with Russian and French cargoes. Traders awaiting Iraq's decision in its Monday tender for at least 100,000 tonnes optional-origin wheat.