Export premiums for corn shipped from the US Gulf Coast were mostly steady on Thursday, underpinned by moderate demand from regular US customers but anchored by weak CIF barge basis values, traders said. Costs for loaded corn barges at the Gulf Coast were pressured by adequate supplies and slumping barge freight. Traders said the supplies are easily meeting the moderate level of demand from overseas buyers.
The bulk of recent corn trade queries have come from routine importers booking near term shipments as US prices are competitive with Argentine grain, traders said. Nearly 63 percent of US corn export sales last week were to Japan, Mexico and Colombia, the top three importers. US corn export sales in the 2015/16 season to date remain 22 percent behind the same point a year ago, compared with the latest USDA forecast for a 12 percent year-on-year export decline. The USDA may reduce its export estimate in a monthly report next week, traders said.
FOB basis offers for soyabeans were steady to lower and wheat offers were flat on dull demand as rival suppliers offered shipments at lower prices. Chinese importers booked at least three cargoes of South American soyabeans on Thursday for shipment in the spring and summer, traders said. Demand for US soyabeans was seasonally slow. Egypt, the world's top wheat importer, may stop sending quarantine officials abroad to inspect purchased cargoes at loading ports, trade sources said. The move could further disrupt the country's import program, they said. A Canadian wheat cargo rejected by Egypt was re-exported to Europe. A rejected French wheat cargo was sent to Spain as feed grain.
FOB Gulf soyabeans loaded in April were offered at around 48 cents a bushel over CBOT May futures, which closed 2-1/4 cents higher at $8.63-3/4 a bushel. Corn offers for April shipment were about 50 cents over CBOT May futures, which ended 1/4 cent higher at $3.56-1/2 a bushel. Spot shipments of soft red winter wheat at the Gulf were offered at about 55 cents over CBOT May futures, which closed 9-1/2 cents higher at $4.59-3/4 a bushel.
April hard red winter wheat offers were about 100 cents over May futures, which closed 11 cents higher at $4.66 a bushel.