Export premiums for corn, soyabeans and wheat held mostly steady at the US Gulf Coast on Friday as rally in the futures market chilled the already lacklustre demand for the commodities, traders said. Importers have slowed purchases in recent weeks, waiting for possible break in prices when the corn and soyabean harvest gets underway in the US Midwest.
However, new-crop CBOT corn futures surged more than 3 percent to a contract high on Friday and new-crop soyabeans climbed 2.2 percent amid lower yield forecasts for each crop. Nearby corn and soyabean shipments were firm in the CIF barge market but the increases were said to be related to exporters needing to meet existing deals as few new sales were reported this week.
Cheaper supplies of feed wheat have kept a lid on corn demand while top global soyabean buyer has purchased only US soyabean supplies for shipment early next year. Hard red winter wheat export premiums were steady after rising earlier this week on concerns of tight supplies. Historic drought conditions could slow or prevent farmers from planting hard red winter wheat in the southern US Plains.
Algeria's state grains agency OAIC has purchased around 300,000 tonnes of durum wheat for shipment in August and early December. Some 200,000 tonnes would come from France, 50,000 tonnes from Spain and, possibly, 50,000 tonnes from Mexico, they said. USDA early Friday said private exporters reported the sale of 365,760 tonnes of US corn to unknown destinations. USDA said of the total 243,840 tonnes is for delivery during the 2011/12 marketing year and 121,920 tonnes is for delivery during the 2012/13 marketing year.
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