US corn export premiums were mostly steady to slightly firmer on Friday, supported by rising CIF barge values and moderate demand, traders said. Corn premiums down about 2 to 4 cents a bushel in the week; May futures up about 8-3/4 cents, or 2.4 percent.
Nearby CIF corn barge bids up 2 cents a bushel on Friday and up 4 cents in the week. Argentine corn still the least expensive of major exporters, but spread between US and Brazil has narrowed over the past week to 10 days as prices in Argentina firmed in response to good demand.
US corn prices at the Gulf about $2 to $3 per tonne FOB higher on Friday than Argentine prices for May shipments, versus nearly $10 a tonne more expensive a week ago, according to traders. US Gulf corn about $8 per tonne FOB cheaper than Brazilian for nearby shipments.
Taiwan's MFIG seeking 60,000 tonnes US or South American corn in tender next Tuesday. US and Argentina appear most competitive in tender, traders said. Informa economics pegs 2010 corn acreage at 88.4 million, soya at 78.6 million, trade sources said Friday. Allendale Inc sees corn acres at 90.15 million, soya at 79.1 million.
US soyabean export premiums were mostly unchanged on Friday in quiet trade, with most near term demand being filled by South American suppliers. Soyabean premiums steady to down 2 cents a bushel on the week; May futures up 36-1/2 cents, or 4 percent.
USDA said private exporters sold 106,000 tonnes US soyabeans for 2010/11 to undisclosed buyer. Traders said the buyers was likely China, which already has 1.454 million tonnes in new-crop purchases on the books. US wheat export premiums were flat on Friday amid dull demand. Soft red winter wheat premiums about steady in the week, hard red premiums down about 5 cents a bushel. Firmer dollar dampening export outlook for US wheat while weak euro aiding EU wheat export prospects.
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