Export premiums for corn shipped from the US Gulf Coast were steady with a firm tone on Thursday on improving demand as recent increases in Argentine export prices made US supplies more competitive on the global marketplace, traders said. Soybean export premiums were flat, capped by seasonally slowing demand amid rising supplies of cheaper South American soy.
US Gulf wheat export premiums were flat to weaker on sluggish demand for US supplies due to cheaper grain available from rival exporters. US corn is competitively priced for shipments through the spring, traders said. The USDA on Thursday confirmed private sales of 106,162 tonnes of US corn to Costa Rica for 2015-16 delivery.
Demand for US soybeans was slow, with many global buyers turning instead to cheaper supplies from South American exporters. Traders said importers in China have booked at least 10 cargoes of Brazilian soybeans this week. Importers in Pakistan bought 60,000 tonnes of Brazilian soybeans for May shipment. Egypt's GASC set a fresh tender for wheat shipped March 15-25, with results expected Friday. Traders are also awaiting news about a sales tender by Bunge, which is trying to resell a wheat cargo rejected by Egypt for ergot fungus. The tender closed on Thursday.
Weekly USDA export sales data is scheduled for release early on Friday, delayed by a day due to a federal holiday this week. Analysts expect corn sales at 600,000 to 1 million tonnes, soybeans at 400,000 to 700,000 tonnes and wheat at 200,000 to 400,000 tonnes. FOB Gulf soybeans loaded in early March were offered at 70 cents a bushel over CBOT March futures, which closed 2-3/4 cents lower at $8.79-3/4 a bushel.
Corn offers for March shipment were around 56 cents over CBOT March futures, which ended 1-3/4 cents lower at $3.65-1/2 a bushel. March shipments of soft red winter wheat at the Gulf were offered at about 65 cents over CBOT March futures, which closed 6-1/4 cents lower at $4.62-1/4 a bushel. Spot hard red winter wheat offers were about 110 cents over March futures, which closed 3/4 cents lower at $4.53-1/4 a bushel.