Export premiums for corn shipped from the US Gulf Coast were steady to firmer on Friday, with nearby values rising in tandem with higher CIF barge basis values, while soyabean and wheat basis offers were unchanged. CIF Gulf corn basis bids edged higher even as active farmer selling this week has bolstered available supplies. The spot CIF bid began the week at a five-year low before rallying by 9 cents a bushel.
Demand for US corn remained light as South American exporters offered cheap new-crop shipments. The US Department of Agriculture on Friday confirmed private sales of 201,000 tonnes of US soyabeans to unknown destinations for 2016/17 shipment. Egypt's GASC is seeking cargoes of wheat for July 10-20 shipment. But traders said offers may be limited amid uncertainty over how much ergot fungus is allowed in shipments.
Offers for June corn and soya cargoes were thin due to limited available loading capacity and delayed loadings following recent heavy rains in the Gulf area, traders said. Corn shipments loaded in July were offered around 34 cents a bushel over Chicago Board of Trade July futures. Soyabean shipments loaded in July were offered about 45 cents a bushel over CBOT July futures. June soft red winter wheat shipments were about 50 cents a bushel over CBOT July futures. Hard red winter wheat cargoes at the Texas Gulf for June shipments were offered at 165 cents over July futures.
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