US corn and soyabean export premiums at the Gulf Coast were lower on Friday, weighed down by a weaker CIF barge basis and a sharp spike in futures that kept potential importers on the sidelines, traders said. Wheat export premiums at the US Gulf were mostly flat to lower in quiet trade as a spike in the futures market chilled demand, although export prospects, particularly for soft red winter wheat, remained strong, traders said.
Chicago Board of Trade grain and soya futures rallied on Friday following bullish data in US Agriculture Department reports, including corn stocks that were below forecasts and lower-than-expected soyabean seedings. No fresh soyabean sales reported to China on Friday following moderate sales of mostly new-crop soyabeans to the top importer earlier in the week, traders said.
USDA confirmed private sales of 120,000 tonnes US soyabeans for 2012/13 shipment to an unknown destination. The buyer was widely believed to be China after talk of Chinese interest in September-shipped US soya on Thursday, traders said.
China's CNGOIC, an official think tank, forecast Chinese soya imports in the year ended September 30 at 57 million tonnes, above the latest USDA forecast for 55 million. Shrinking South American soya crop forecasts due to drought suggest the US will be a larger than normal supplier of soya to China through the summer, traders said. Corn export demand was muted as CBOT futures prices jumped more than 6 percent. South American corn prices remain at a discount to US prices.