Corn export premiums for shipments from the US Gulf Coast were steady on Tuesday as the export pipeline was well supplied following recent waves of farmer sales and moderate demand, traders said. Brazil has given grain trading companies an initial quota of 100,000 tonnes of tariff-free corn on purchases outside of the Mercosur trade bloc. The measure should favour imports from the United States.
Soyabean export premiums were flat for old-crop shipments, capped by seasonally slow demand and ample supplies, with South American shipments currently dominating global trade. New-crop soyabean premiums steadied after recent gains fuelled by demand from China. The world's top soyabean importer accelerated its soya import purchases last week on strong crush margins, but margins have since narrowed, traders said.
Wheat export premiums were flat on muted demand for US shipments amid ample global supplies. Good crop weather in some key winter wheat production areas also kept a lid on values. Recent rains have boosted the US winter wheat crop. Meanwhile, favourable weather prompted the European Union's crop monitoring service MARS to raise its yield outlook from its prior forecast.
April corn offers were not well defined. FOB corn offers for May shipment were 54 cents over CBOT May futures, which ended 5-1/4 cents higher at $3.82-1/4 a bushel. April soyabean offers were unquoted. May offers were around 50 cents a bushel over CBOT May, which closed 18 cents higher at $10.17-3/4 a bushel.