Export premiums for soyabeans shipped from the US Gulf Coast held about steady on Monday, anchored by seasonally slowing demand and adequate US supplies, while corn premiums were unchanged, traders said. Top soyabean importer China is turning its focus to South American new-crop supplies, which are offered at lower prices than US Gulf shipments.
Soyabean buying by China is expected to slow next week as markets there will be closed all week for Lunar New Year celebrations, traders said. US corn prices were competitive on the global market for near term shipments, but demand was generally light. Recent demand inquiries have been mostly from routine buyers such as Japan and Mexico, traders said.
A group of Israeli private buyers is seeking up to 105,000 tonnes of US or South American corn and other feed grains in a tender closing on Wednesday. Wheat export premiums were flat on sluggish demand for US supplies and ample global supplies of cheaper grain. Egypt's GASC is seeking cargoes of wheat from various origins for shipment March 2-11 via a tender closing on Tuesday.
Traders did not expect any US wheat to be offered in the GASC tender due to uncompetitive prices and stringent Egyptian quality standards. GASC rejected a French wheat shipment that it said did not meet strict new import rules over the fungus ergot. Traders say the zero-ergot rule may drive up offered prices and adds a layer of risk to suppliers. US grain and soyabean export inspections last week were within the range of trade expectations. Year-to-date corn inspections are 20 percent behind a year ago, soyabeans are 13 percent behind, and wheat inspections are lagging by 12 percent, according to USDA data. FOB Gulf soyabeans loaded in late February were offered at 81 cents a bushel over CBOT March futures, which closed 1-1/2 cents lower at $8.80-3/4 a bushel.
Corn offers for late February shipment were around 70 cents over CBOT March futures, which ended 3/4 cent lower at $3.71-1/4 a bushel. February and March shipments of soft red winter wheat at the Gulf were offered at about 70 cents over CBOT March futures, which closed 4 cents lower at $4.75-1/4 a bushel.