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US corn and soyabean export premiums at the Gulf of Mexico were firm on Friday, supported by uncertainty about Argentine exports, traders said. Wheat export premiums were flat amid slow demand. Argentine farmers blocked roads on Friday and called for a seven-day strike starting on Saturday in protest of government agricultural policies.
Halt in trade somewhat priced into the corn and soya markets, although prolonged strike seen supportive to US exports, particularly soya, traders said. Soyabean export premium up a penny on Friday but down about 4 cents this week on pressure from rising futures and increasing competition from Brazilian soya.
Argentina news, solid demand from China, and weaker dollar provided underlying support to soyabeans. Private exporters on Friday reported sales of 165,000 tonnes of US soyabeans to China. Corn export premium up a penny on Friday but down about 1 cent from a week ago. Slow export demand and increased farmer selling weighed.
Private exporters report sales of 174,000 tonnes of US corn for unknown destinations, and 116,000 tonnes for South Korea. Wheat export premiums held steady on Friday after sliding lower this week on poor export demand due to US price premium to supplies sourced elsewhere. Some US farmers sold wheat into this weeks rally, emptying grain storage bins ahead of the harvest. South Korea buys 22,000 tonnes US wheat and Taiwan buys 93,120 tonnes US wheat.

Copyright Reuters, 2009

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