Export premiums for corn had a firm tone at the US Gulf Coast on Thursday, underpinned by robust global demand for shipments this summer and autumn, traders said. US Department of Agriculture data released earlier showed US corn export sales of more than 2 million tonnes last week, above analyst expectations. Traders anticipated further sales of US corn in the coming days, after dry conditions in Brazil reduced output and pushed up grain prices in South America.
However, some buyers were taking advantage of cheaper feed wheat at the expense of corn. A buyer in South Korea passed on a tender of 140,000 tonnes of corn while buyers in the Philippines bought 150,000 tonnes of feed wheat, likely out of the Black Sea region, traders said. Export premiums for soybeans were also steady to firm, underpinned by a sale of 129,000 tonnes to top importer China.