US corn export premiums at the Gulf Coast were steady to higher on Thursday, despite sluggish export demand for nearby shipments, as tight supplies of old-crop grain supported the market, traders said. Offers for nearby corn shipments were thin as old-crop stocks were difficult to source and exporters were unwilling to risk booking new sales without coverage.
FOB basis offers for June remained unquoted. July basis offers were nominally 100 cents a bushel over Chicago Board of Trade July futures, up 2 cents from the prior day, traders said.
Spot CIF basis bids for corn barges that supply the Gulf rose to 91 cents over CBOT July, up 2 cents from late Wednesday and the highest spot bid in more than a month.
Higher futures prices on Thursday spurred scattered old-crop corn sales by farmers, but much of that grain was seen flowing to domestic users, traders said.
Corn export sales have languished amid high prices and limited available offers. USDA reported sales last week at an 11-week low, with old-crop sales at a marketing year low.
Very limited export sales expected for the remainder of the marketing year.
Wheat export premiums at the US Gulf were firm amid good demand and tight supplies in the marketing pipeline, traders said.
Many farmers diverting unsold bushels of newly harvested winter wheat into storage instead of marketing the grain, encouraged by wide carries in the futures market.
Private exporters sold 110,000 tonnes US soft red winter wheat to China for 2012/13 shipment in the largest one-off SRW sale to China in 8-1/2 years, USDA said.
Chinese wheat imports were seen surging this season because its domestic crop was hurt by drought and disease. Purchases of US SRW wheat, currently among cheapest on offer in the world, seen rising.
Soyabean export premiums at the US Gulf were mostly steady, with slow farmer sales of old-crop soyabeans and routine demand from China underpinning the market, traders said.
China bought at least one cargo of new-crop US soyabeans on Thursday following limited buying earlier in the week, one trader said.
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