Export premiums for corn at the US Gulf Coast were largely steady on Friday, in line with CIF basis values that were little changed ahead of the holiday weekend, traders said. Spot CIF basis bids firmed by a penny on Friday after an earlier-week drop to one-year basis lows slowed grain movement into the river market. FOB basis offers were steady to one cent higher, traders said.
Little trading was done, with many exporters leaving work early ahead of the Christmas holiday. FOB wheat basis offers at the US Gulf Coast were mostly steady as export demand remained lacklustre.
The USDA on Friday confirmed US exporters sold 120,000 tons of hard red winter wheat to Nigeria for delivery in the marketing year that ends May 31. Traders said Nigeria has been in the market this week for January and February wheat shipments.
Morocco's grain import authority said it had a record level of year-end stocks and enough soft wheat to cover four months of milling needs. Soyabean export premiums at the US Gulf Coast were steady on Friday on slow demand. Traders continued to watch weather reports for South America amid concerns about damage to corn and soya from dryness. Rains should bring temporary relief to key soya-growing areas of Brazil, according to forecaster Somar.
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