US corn and soybean export premiums held steady on Friday but soft wheat values fell amid poor export demand and rising futures prices, traders said. Farmer selling picked up this week and was expected to continue with the start of a new tax year.
Barge market still inverted with nearby corn and soybean values worth more than late January or February. Fresh soybean sale to China this week of 115,000 tonnes, USDA said. US soybean exports last week were 510,600 tonnes with China taking 356,500 tonnes.
US soybeans cheapest option for China for spot shipment, traders said. South America expected to dominate soybean exports starting in March even though dry conditions may cut yields.
CORN & WHEAT US HRW wheat most expensive in the world at $260 FOB per tonne, compared with $220 from Canada or Australia, traders said. US wheat exports last week were 418,200 tonnes, a five-week high. US corn exports last week were 269,900 tonnes, a low for the marketing year that started September 1. Saudi Arabia expected to tender in early January for high-quality hard wheat and could buy some US grain.
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