US soyabean and corn export premiums at the Gulf of Mexico held steady on Thursday but corn basis values were down sharply in the barge market that supplies export elevators, traders said. In the barge market, corn for March shipment traded at 38 cents per bushel premium to CBOT May. April traded 40 cents over.
Corn barge basis values pressured by rally in CBOT corn, which was spurred by US stock markets rising for a third day in a row, strong export sales and higher crude oil. CBOT March corn closed 20-3/4 cents higher at $3.76-3/4 a bushel. May ended up 20-3/4 cents at $3.85-1/4. US corn and soyabean export sales saw a brief surge last week on strong sales of soyabeans to China and corn to Japan.
US corn sales to Japan were over 600,000 tonnes, the biggest weekly purchase in 16-1/2 months. Exports going through seasonal shift to South America, which has begun harvesting a new crop. Results of Iraqs wheat and rice tenders not expected until early next week with the start of the weekend in Islamic countries.
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