Corn export premiums at the US Gulf Coast were lower on Thursday, pressured by weak demand as US prices were not competitive with those from South America, traders said. Corn export sales last week totalled just 400 tonnes, according to US Agriculture Department data. It was the lowest weekly tally since net-negative sales 9 weeks ago.
South Korean feedmakers have bought at least 252,000 tonnes of optional-origin corn this week via tenders, seizing upon a recent decline in futures prices. Prices suggest the corn would be South American. US Gulf corn for nearby shipment offered around $310 per tonne FOB, compared with prices near $265 to $270 per tonne FOB in Argentina and Brazil.
Soyabean export premiums at the Gulf held mostly steady, supported by moderate demand from China following the recent decline in futures prices, traders said. South American supplies were essentially sold out for shipments through early 2013, leaving the United States as the only large-volume shipper for nearby supplies. However, many importers have already forward-booked US soyabean purchases.
Private exporters sold 110,000 tonnes US soyabeans to China for 2012/13 shipment, USDA said via it daily reporting system. China has stepped up purchases this week after several weeks of limited interest. Importers may have bought more than 10 US cargoes this week, a trader said. Demand was expected to drop next week due to a week-long national holiday in China.
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