Corn export premiums at the US Gulf Coast were mostly steady to weaker on Tuesday, pressured by easing CIF barge values and a slowdown in demand following a sharp jump in prices, traders said. US corn futures on the Chicago Board of Trade have rallied about 16 percent in the past three days, sending many buyers to the sidelines.
Those with pressing needs are likely to book smaller purchases as only needed, traders said. Producer sales of corn increased as CBOT futures rose above recent highs. CIF basis bids were mostly steady to slightly lower amid the pickup in movement, although values were underpinned by firm barge freight. Israeli feed grain trader tenders for 40,000 tonnes US or European corn. Bidding deadline October 14.
Soyabean export premiums at the US Gulf were steady to lower, pressured by an easing CIF basis, traders said. Chinese demand on Tuesday mostly focused on South American soyabean shipments in April and May, although US traders were unable to confirm volumes of sales.
US Gulf loading capacity was essentially sold out through November so corn and soyabean offers were unquoted. China's commerce ministry revised upwards its October soya import estimate to 4.15 million tonnes. US corn harvest 51 percent complete as of Sunday, soyabean harvest 67 percent complete, both moving at record pace, according to USDA data released Tuesday.
Wheat export premiums held mostly steady on Tuesday amid mixed demand, traders said. Demand was strong for higher protein wheat such as hard red winter, but dull for lower protein varieties such as soft red winter. Egypt's GAS bought 220,000 tonnes of US HRW wheat for shipment December 11-20. US wheat was the only one of three origins offered in the tender for hard wheat only.
Trade awaiting results of wheat tender by Iraq. Bids were due by October 10 for reply by October 18. Traders said US wheat prices were expected to be among the lowest of all origins offered to the price-sensitive buyer. Japan seeking 100,339 tonnes of wheat in regular tender, including 59,385 tonnes US spring wheat.