March 20 (Reuters) - U.S. soybean export premiums at the Gulf Coast were flat to lower for old-crop supplies on Tuesday amid sinking CIF basis bids and lackluster demand after Brazilian prices fell sharply in recent days, traders said.
Some price inquiries from Chinese buyers reported for U.S. new-crop shipments, but no fresh sales could be confirmed. China has recently been booking summer shipments of Brazilian soybeans, including an April-May cargo on Tuesday.
CIF soybean barge basis bids at the Gulf for nearby shipments fell by 3 to 4 cents per bushel on Tuesday as a lack of fresh export sales had holders of soybeans liquidating supplies amid more competitive prices in South America. Gulf FOB offers were flat to a penny lower.
Basis also pressured by concerns about slowing growth in China, the world's top soybean importer.
Traders monitoring labor strife in Argentina after grain truckers called an indefinite strike to demand higher pay.
No market impact has been noted yet, as the main thrust of Argentina's harvest is still two or three weeks away.
Corn export premiums at the U.S. Gulf Coast were mostly steady on Tuesday, capped by sinking CIF basis values butunderpinned by expectation for additional demand to develop following recent price decline.
Traders eyeing potential increase in corn import demand from China as prior large purchases have occurred with benchmark U.S. futures in the low-$6-per-bushel area. May corn closed at $6.47-1/2 a bushel on Tuesday.
Some traders question whether China may wait to book further corn purchases until after USDA prospective plantings report on March 30, which was expected to show the largest U.S. corn acreage since 1944 this year.
Buyers in Taiwan bought corn from Ukraine in small consignments to test quality, larger purchases possible.
Wheat export premiums at the U.S. Gulf were mostly steady on Tuesday in quiet trade.
Wheat imports by Indonesia, Asia's top importer, may rise 5 percent per year over the next decade amid growing wealth, an industry group said.
Some price inquiries from Chinese buyers reported for U.S. new-crop shipments, but no fresh sales could be confirmed. China has recently been booking summer shipments of Brazilian soybeans, including an April-May cargo on Tuesday.
CIF soybean barge basis bids at the Gulf for nearby shipments fell by 3 to 4 cents per bushel on Tuesday as a lack of fresh export sales had holders of soybeans liquidating supplies amid more competitive prices in South America. Gulf FOB offers were flat to a penny lower.
Basis also pressured by concerns about slowing growth in China, the world's top soybean importer.
Traders monitoring labor strife in Argentina after grain truckers called an indefinite strike to demand higher pay.
No market impact has been noted yet, as the main thrust of Argentina's harvest is still two or three weeks away.
Corn export premiums at the U.S. Gulf Coast were mostly steady on Tuesday, capped by sinking CIF basis values butunderpinned by expectation for additional demand to develop following recent price decline.
Traders eyeing potential increase in corn import demand from China as prior large purchases have occurred with benchmark U.S. futures in the low-$6-per-bushel area. May corn closed at $6.47-1/2 a bushel on Tuesday.
Some traders question whether China may wait to book further corn purchases until after USDA prospective plantings report on March 30, which was expected to show the largest U.S. corn acreage since 1944 this year.
Buyers in Taiwan bought corn from Ukraine in small consignments to test quality, larger purchases possible.
Wheat export premiums at the U.S. Gulf were mostly steady on Tuesday in quiet trade.
Wheat imports by Indonesia, Asia's top importer, may rise 5 percent per year over the next decade amid growing wealth, an industry group said.
