Export premiums for corn were steady to firm for US Gulf Coast shipments on Wednesday, buoyed by strong global demand as US supplies were competitively priced with South American grain, traders said. However, gains in futures prices and subsequent sales by US farmers boosted supplies in the export pipeline and raised grain acquisition costs for shippers, potentially weighing on premiums in the coming days.
Ample global supplies of feed-grade wheat also was eating into corn demand, with some buyers such as South Korea eschewing corn this week in favor of feed wheat. Export premiums for US soft red wheat had a weak tone amid minimal demand for milling-grade US cargoes during the approaching summer harvest. Gulf premiums for US soyabeans were steady, underpinned by good demand for shipments during the autumn harvest and limited interest in old-crop cargoes loaded now through July.
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