Export premiums for soft red winter wheat declined by 3-5 cents per bushel for shipments out of the US Gulf Coast on Tuesday as some shippers discounted prices in efforts to entice international buyers, traders said. Export demand for US soft wheat varieties remained lacklustre as freight out of the Gulf to top destinations in the Middle East and Africa was too expensive to compete with cheaper cargoes shipped out of the Black Sea.
Premiums for hard red winter wheat were seen unchanged, as were basis offers for export loadings of US corn and soyabeans. Some traders were still on vacation following the trade pause on Monday for the holiday following New Year's Day. Taiwan's MFIG purchasing group issued an international tender to buy 40,000 to 65,000 tonnes of corn which can be sourced from the United States, Argentina, Brazil or South Africa, European traders said. The tender closes on Thursday.
January corn shipments were offered at about 58 cents over CBOT March futures. January US soyabean shipments were offered at 60 cents a bushel over CBOT January futures. Offers for January soft red winter wheat shipments were about 65 cents over CBOT March futures, down 3 cents. Spot hard red winter wheat cargoes were offered at 115 cents over March futures.