Export premiums for corn shipped from the US Gulf Coast were steady to higher on Monday on moderate demand from traditional customers for US near-term shipments, traders said. US corn prices through March are the lowest of major exporters. From April and beyond, South American new-crop supplies will challenge US corn in the global market place.
President Donald Trump formally withdrew the United States from the Trans-Pacific Partnership trade deal on Monday, fulfilling a campaign pledge. The newly elected president is also working to renegotiate the NAFTA trade deal.
Soyabean export premiums were mostly flat on Monday in quiet trade as top importer China has increasingly been sourcing supplies from South America.
Buying by China is expected to slow significantly next week due to the week-long Lunar New Year holiday, which begins at the end of this week.
China's soyabean imports from the United States in December were up 22 percent from a year earlier, according to customs data. Imports in 2015 from the US were up 20 percent from 2014.
Wheat export premiums were mostly steady to firm, with spot values rising on tight supplies at the Gulf and due to weather-related shipping problems, traders said. Fog has slowed loadings at the Gulf while recent winter weather has slowed shipments from the Pacific Northwest ports.
Corn shipments from the Gulf in late February were offered around 70 cents a bushel over Chicago Board of Trade March futures, which closed 1/4 cent lower at $3.69-1/2 a bushel.
FOB basis offers for February shipments of soyabeans were 48 cents a bushel above CBOT March futures, which closed 9-3/4 cents lower at $10.57-3/4 per bushel.
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