Soyabean export premiums at the US Gulf Coast were mostly steady on Friday amid a lull in demand from top importer China, although port congestion in South America may support further demand for old-crop US soya in coming weeks, traders said.
Seasonally high South American soyabean premiums keeping US supplies competitive in the summer months, with China already buying larger-than-normal volumes of US soya for summer shipment. Port congestion causing vessel delays of as long as three to four weeks in Brazil.
Corn export premiums at the US Gulf Coast were mostly flat on Friday despite easing nearby CIF barge basis values amid tight spot supplies. Export offers were scarce for March and first-half April loadings due to limited supplies. Spot CIF basis corn bids spiked to a one-month high at midweek but fell to a two-month low by Friday as short-bought Gulf exporters satisfied their immediate needs.