US corn export premiums at the Gulf of Mexico were steady to firm on Friday on continued solid demand mostly from regular customers, while soyabean and wheat basis offers were flat amid a lack of demand, traders said. US corn prices FOB Gulf eased this week, despite lingering concern about late planting cutting production. US prices remain lower than South American.
CBOT spot corn contract futures down 18-1/2 cents a bushel, or about 4 percent, from a week ago with nearby export premiums up about 3 cents. Soyabean export premiums were steady on Friday as high old-crop prices restricted demand. Shrinking old-crop stocks sent spot soyabean futures on the Chicago Board of Trade to a nine-month peak this week.
Traders watching for any news in the weeks ahead of old-crop cancellations of soyabeans to China, the world's top importer, as cheaper supplies can be bought in South America. Traders in China expected to keep imports low in coming weeks as domestic supplies remain sufficient.
WHEAT: Wheat export premiums were nominally steady on Friday, with wheat thinly offered amid continued poor export demand. Iraq tender for optional-origin wheat closes on Sunday. Traders said Iraq will likely buy Canadian and/or Australian wheat, with US wheat prices landed Iraq too high.
US wheat prices have eased recently, but remained at a premium to wheat sourced elsewhere. US also at a freight disadvantage to key markets in Africa and Middle East. Spot soft red winter wheat futures fell 6 percent this week to the lowest point since mid-May. Hard red winter wheat futures were down 5-1/2 percent in the week.
Algeria buys 150,000 tonnes soft wheat for July/August shipment, thought to be French wheat. South Korean feedmakers buy 165,000 tonnes US corn for November-December arrival. South Korea's Nonghyup buys 275,000 tonnes US and optional-origin corn for October-December arrival and 55,000 tonnes optional-origin wheat. Pass on tender for 110,000 tonnes soyameal.
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