Corn Export premiums steady at US Gulf Coast

Export premiums for corn at the US Gulf Coast held mostly steady on Wednesday, capped by generally slow demand despite a South American drought that threatens to cut Argentina's and Brazil's crops, traders said. High US corn prices and stiff competition from cheaper feed wheat and less expensive corn from other suppliers hurting demand for US-sourced grain, traders said.
Hot, dry weather stressing developing corn crop in Argentina and southern Brazil, with little rain in the forecast over the next week. Soyabean crops also stressed, but threat to corn production greater. Drought seen cutting Argentine corn crop by 5 to 7 million tonnes, soyabeans by 3 million tonnes, brokerage R.J. O'Brien said on Wednesday.