Corn and soyabean export premiums at the US Gulf Coast held steady on Friday after rising sharply a day earlier as flooding throughout the Midwest halted barge shipments north of St. Louis, traders said. Multiple locks on the Illinois River and the Mississippi River north of St. Louis were closed this week due to flooding, which limited supplies available to exporters.
The bulk of recent demand for US soyabeans has been from China for new-crop deliveries. The top importer booked at least five 2013/14 shipments this week, traders said. China was expected to book occasional old-crop US cargoes for shipment from the West Coast due to lengthy loading delays in South America.
Demand for US corn remains restricted by high prices and ample available supplies of cheaper South American corn. Japan's use of corn in animal feed fell in February on the year, extending a weakening trend since April 2011, as users shunned the grain for cheaper alternatives, including feed wheat, following last year's record US prices. Wheat export premiums at the Gulf were unchanged amid quiet demand.
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