Corn and soyabean export premiums at the US Gulf Coast were not well defined for near term shipments as old-crop supplies were razor thin, while premiums for post-harvest shipments were mostly unchanged, traders said. Stronger CIF basis bids for nearby corn and soyabean barges indicated that export prices were stronger, but few exporters were willing to post offers because sourcing enough of either commodity to fill a bulk cargo ship would be challenging.
Exporters were not posting soyabean offers for July or August. Some exporters offered early August corn shipments at historically high premiums while others did not post offers until September. Nearby CIF bids remained strong amid scattered demand from exporters in need of supplies to meet sales commitments and a slowdown of old-crop corn and soyabean sales by farmers.
Some US corn and soyabean users were importing supplies from South America for pre-harvest needs. A Brazilian soyabean cargo was due to begin discharging soon at the Port of Wilmington, North Carolina. A rebound in prices chilled demand for corn and soyabeans on Tuesday, traders said. Corn and soyabean futures on the Chicago Board of Trade climbed on forecasts for crop-stressing heat and limited rainfall in the US Midwest in the weeks ahead.