Export premiums for corn shipped from the US Gulf Coast were mostly lower on Friday, pressured by ample supplies and weak demand as South American shipments are undercutting demand, traders said. US corn export sales last week fell to the lowest level in more than three years, US Department of Agriculture data showed.
Soybean export premiums were mostly steady with a weak tone as cheap South American cargoes are challenging US shipments on the world market. Hard and soft red winter wheat export premiums eased along with falling CIF basis values, with rising supplies keeping a lid on prices. July corn vessels were offered around 27 cents over Chicago Board of Trade September futures. August vessels were offered around 30 cents over futures.
FOB Gulf offers for soybeans loaded through mid-July were around 40 cents a bushel over CBOT August futures, a trader said. Loadings later this month were 43 cents over futures while August offers were 45 cents over futures. Soft red winter wheat offers for July and August loadings were 55 cents a bushel over CBOT September futures. Premiums for 12-percent protein hard red winter wheat cargoes loaded this month and next month were around 175 cents over September futures.
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