Export premiums for corn were steady to firm at the US Gulf Coast on Friday, supported by expectations for stronger global demand next week as some Asian traders returned from holiday, traders said. Some buyers were away on holiday this week, including Golden Week in Japan, the No 2 buyer of US corn after Mexico, resulting in relatively light dealings in grain export trade.
Demand for US corn overall was seasonally robust, with ports in South America busy with loading freshly harvested soyabeans while US shippers were loading out comparatively larger volumes of corn. The US Department of Agriculture said exporters sold 132,000 tonnes of US corn to Israel, the third announced sale of at least 100,000 tonnes of corn in a week.
May corn offers were about steady at 51 cents over Chicago Board of Trade July futures. Soyabean export premiums were mostly steady. Basis offers for June loadings were seen at 30 cents per bushel above Chicago Board of Trade futures, stabilising after steep declines earlier this week. Spot soft red winter wheat was offered at about 60 cents over CBOT July futures and spot hard red winter wheat offers were about 85 cents over July futures.