Export premiums for corn and soyabeans were mostly steady at the Gulf of Mexico on Monday but demand weakened as a rallying futures market pushed cash prices higher, traders said. Some buyers backed away after corn futures rose 3.8 percent and soya prices gained 1.9 percent as harvest delays have tightened supplies in the country, a dealer on the export market said.
Wheat offers also were mostly steady and demand remained light. Soyabean offers weakened for deferred months. For soyabeans, dealers also posted offers for November delivery of $130 over the November soyabean futures contract. Previously, the closest offer had been for delivery in December.
The US Agriculture Department said on Monday afternoon that the corn crop was 17 percent harvested as of October 18, well below the five-year average for mid-October of 46 percent. Soyabean harvest was 30 percent complete compared with the five-year average of 72 percent.
USDA reported strong weekly export inspections for soyabeans - 39.092 million bushels inspected last week, compared with trade estimates for 18 million to 25 million. USDA reported US corn export inspections from last week at 24.569 million bushels, compared with estimates for 30 million to 35 million. USDA reported 18.627 million bushels of wheat inspected for export last week, compared with estimates for 17 million to 20 million.