Corn export premiums for shipments from the US Gulf Coast were steady to firm on Tuesday, supported by moderate demand for near-term shipments, traders said.
Regular US corn importers such as Japan and Mexico have sought price quotes for springtime shipments, traders said. But demand from other importing nations remained light.
CIF corn barge basis bids were steady to 2 cents per bushel higher on Tuesday, raising grain acquisition costs for exporters and underpinning export premiums.
Soybean export premiums at the Gulf were mostly steady amid seasonally light demand with importers focusing on shipments from South American suppliers.
A weaker Brazilian real failed to generate much new farmer selling of soybeans, which kept a floor under Brazilian soy premiums, traders said. However, Brazilian prices remained lower than US Gulf prices.
Traders are monitoring political developments in Brazil that have whipsawed the local currency. The country's former president accepted a cabinet position that would protect him from an investigation of possible money laundering.
Brazil's vegetable oils association Abiove raised its estimate for the country's soy crop to a record 99.7 million tonnes, up 1.2 million from last month's estimate. Abiove pegged exports at 55.3 million tonnes up from 54.5 million.
Wheat export premiums at the Gulf Coast were flat on light export demand and plentiful global supplies.
Egypt's GASC set a tender to buy wheat from global suppliers for April 15-24 shipment. Results are expected on Wednesday. Traders said they did not expect any US wheat to be offered due to uncompetitive prices and stringent quality specifications.
FOB Gulf soybeans loaded in April were offered at around 48 cents a bushel over CBOT May futures, which closed 3-3/4 cents lower at $8.92 a bushel.
Corn offers for April shipment were about 48 cents over CBOT May futures, which ended 1/4 cent lower at $3.68-1/2 a bushel.
Spot shipments of soft red winter wheat at the Gulf were offered at about 60 cents over CBOT May futures, which closed 1-1/2 cents lower at $4.77-1/4 a bushel.
April hard red winter wheat offers were about 95 cents over May futures, which closed unchanged at $4.89 a bushel.