Export premiums for US wheat at the US Gulf Coast were steady on Thursday amid slow farmer selling and limited export demand, traders said. Demand muted following a rebound in wheat futures on Thursday amid worries about poor crop weather in Europe and North America.
US wheat to face stiff competition from less expensive wheat from the Black Sea region after Russia lifted its nearly year-old grain export ban. Wheat prices in the southern Russian exporting region have surged since the lifting of the ban was announced, but prices remain well below wheat from the US and other exporters.
Traders awaiting results of a wheat tender by Lebanon, in which Ukrainian wheat was offered at the lowest price, followed by Russian wheat. Also awaiting result of Algerian tender for 50,000 tonnes optional-origin wheat. Traders said the tender excluded Ukrainian and Russian wheat.