Corn export premiums at the US Gulf Coast were steady to firm on Tuesday amid tight old-crop US stocks and light demand from routine buyers, traders said. A surge in corn futures prices on Monday chilled buying interest, but traders said regular importers such as Mexico and Japan have inquired about June shipments from the United States.
US corn prices remain at a large premium to South American prices, but loading delays in Brazil and Argentina prompted some buyers to seek out US offers. Brazilian corn prices at Paranagua were about $60 per tonne FOB below US Gulf for May shipment and Argentine corn offers were about $40 per tonne lower than US Gulf, according to Reuters data.
Soyabean export premiums at the Gulf were mostly steady despite a steep drop in CIF barge basis values. Spot supplies at the Gulf remain very tight and a few exporters were not offering some nearby shipment positions because supplies were difficult to source. Demand from top soya importer China was muted due to a market holiday there. South American soyabean exports could reach a record high in May, oilseeds analysts Oil World said. Wheat export premiums at the Gulf were mostly steady amid quiet demand. US soft red winter wheat was among the least expensive on the world market, but some buyers have delayed purchases ahead of the new-crop harvest.
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