Corn, wheat and soyabean export premiums were steady to higher at US ports on Thursday, with the recent downturn in futures helping make the crops slightly more competitive in global markets, traders said. Higher bids this week in the US barge market also raised costs for exporters along the Gulf Coast, underpinning offers for ocean-going vessels.
However, cheaper corn and wheat still was on offer in South America and the Black Sea while China's pace of soyabean buying was expected to slow slightly, with many Chinese crushers having ample supplies. The US Department of Agriculture earlier said exporters sold 300,000 tonnes of US soyabeans to China for delivery during the current marketing season, the second sale of at least 200,000 tonnes this week.
Two South Korean feed companies purchased cargoes of corn overnight, with the Korea Corn Processing Industry Association buying 55,000 tonnes of US corn for March arrival, traders said. Japan purchased several varieties of US wheat and supplies from Canada and Australia in a regular tender. The USDA's weekly export sales report will be released early on Friday, a day later than normal due to the government closure on Wednesday for Veterans Day.
FOB Gulf soyabean basis offers for November were unquoted as most elevation capacity was sold out. December offers were 4 cents higher at 90 cents a bushel over CBOT January futures. FOB Gulf corn basis offers for December loadings held at 76 cents a bushel over Chicago Board of Trade December futures. November soft red winter wheat offers held steady at 85 cents over December futures.