Wheat export premiums at the US Gulf Coast were mostly steady on Thursday, underpinned by moderate export demand highlighted by Iran's first purchase of US wheat since 2009, traders said. The US Agriculture Department confirmed a private sale of 120,000 tonnes of US hard red winter wheat to Iran for shipment by the end of May.
Some traders said they expected further grain deals from the US and other suppliers to Iran following its crop-cutting drought. The prompt shipment of recent purchases, which totalled more than 2 million tonnes this year, suggested an urgent need for foodstuffs, traders said. US soyabean export premiums at the Gulf of Mexico were steady to firm on Thursday, supported by steady demand from China amid high prices and shipping woes in South America, traders said.
Elevated prices for new-crop Brazilian soyabeans keeping US soya competitive in the world market into the summer months, a period normally dominated by South American soya. Heavy seasonal shipping congestion keeping nearby Brazilian prices high and availability limited.