US corn export premiums at the Gulf of Mexico eased on Friday amid a lull in demand, while wheat and soyabean premiums were mostly steady, traders said. Nearby soyabeans offers at the Gulf were scarce as heavy bookings in recent months, largely to top importer China, have consumed most of the loading capacity. Soyabean export premiums were steady to firm this week.
Slowdown in US soya sales expected over the next week due to Chinese national holiday. Harvest delays due to rains around the Midwest boosted nearby CIF soya barge values this week as some exporters sought soyabeans to load vessels. Plunging futures prices keep lid on fresh farmer selling. Bumper harvests projected for US and Brazil, the world's No 1 and No 2 exporters.
Informa projects record large US corn, soyabean crops. Brazil crushing industry association Abiove projects record-large 63.4-million-tonne Brazilian soya crop, modest drop in exports. US corn prices at the Gulf and Pacific Northwest at a premium to Brazilian supplies, keeping pressure on basis. Gulf corn export premiums slipped 3 to 4 cents a bushel this week.
Taiwan's Maize Industry Procurement Association bought 60,000 tonnes Brazilian corn in tender. Glut of supper quality corn at Gulf elevators has exporters eagerly awaiting better quality new-crop supplies. US soft red winter wheat export premiums were mostly steady to up slightly on Friday, partly offsetting a steep drop in futures, although export demand remained dull.
Egypt quarantines 63,000 tonnes French wheat as tests show higher-than-allowed amount of seeds in shipment. Traders said French wheat quarantine unlikely to open any doors for US SRW wheat as cheaper Russian wheat prices may continue to undercut US prospects. US hard red winter wheat export premiums held steady on Friday, with market awaiting this weekend's Iraq tender for at least 100,000 tonnes.