13-Jun-2013
Soft red winter wheat export premiums at the US Gulf Coast were steady to lower on Tuesday amid a looming US harvest and increasing competition from less expensive Black Sea wheat, traders said. Hard red winter wheat export premiums held mostly steady amid concerns that stressful weather in the southern Plains in recent months damaged a larger share of the crop than anticipated, although export demand was slow, traders said.
Tunisia's state grain agency bought 75,000 tonnes of optional-origin wheat on Tuesday, which was likely to be supplied from the Black Sea region's crop. US Gulf soft wheat prices were about $25 to $30 per tonne higher than the traded price, according to traders. Corn export premiums at the Gulf were mostly steady to weak on light export demand, although tight old-crop supplies underpinned nearby basis values, traders said.
World demand for US corn was blunted by high prices and ample available supplies of cheaper feed grains, including Black Sea feed wheat and competitively priced nearby shipments of South American corn. Buyers in Thailand bought around 55,000 tonnes of feed wheat in past days to be soured from the Black Sea region. Traders said the delivered price was $30 or $0 per tonne lower than US corn.
South Korea's MFG bought 134,000 tonnes of optional-origin corn via a tender that closed on Tuesday. US soyabean export premiums at the Gulf were unchanged amid muted demand from top importer China where markets were closed until Thursday for a national holiday. Nearby US soyabean prices were not competitive with South American shipments, but port congestion has delayed vessels at ports there.
A Brazilian soyabean cargo was scheduled to arrive at the US East Coast port of Wilmington, North Carolina, next week, according to a sailing schedule on the port's website. But Reuters vessel tracking data showed the ship remains at anchor off the Brazilian port of Sao Luis, where it arrived on May 29. Traders are monitoring a looming commercial strike in Argentina. The week-long strike is scheduled to occur during a national holiday and a weekend so the impact on grain movement was expected to be minimal, but traders remain concerned that further strikes could occur and delay shipments. The US Department of Agriculture will issue its June supply and demand estimates on Wednesday.
Source:-www.brecorder.com
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