US soyabean export premiums at the Gulf of Mexico were flat on Tuesday with a weak tone stemming from a lack of near-term demand due to ample supplies of cheaper South American soyabeans, traders said. Most US soyabean sales in recent weeks have been for new-crop supplies.
China bought a cargo of South American soyabeans for shipment this summer and a cargo of new-crop US soyabeans on Tuesday, a trader said. Taiwan's BSPA to tender on Wednesday for 40,000 to 60,000 tonnes US or South American soyabeans for May/June shipment. Traders said BSPA unlikely to buy US soya due to cheaper prices in South America.
US Gulf prices for May soyabean shipments $12 to $20 per tonne FOB higher than Brazilian and Argentine prices. US Gulf corn export premiums were mostly steady on Tuesday, capped by slow demand and abundant global supplies of feed grains, including feed wheat, traders said.
Bumper crops expected this year in Argentina and Brazil. Brazil corn exports seen up as much as 40 percent amid bumper new crop, an industry official said. US wheat export premiums held steady on Tuesday amid moderately improved demand over recent weeks following months of sluggish export sales, traders said.
Traders said Iraq bought 50,000 tonnes of US wheat in a multinational deal which also included 150,000 tonnes of Canadian wheat and up to 300,000 tonnes of Russian wheat. Japan seeking 157,000 tonnes US, Canadian and Australian wheat in a regular tender.