Corn export premiums eased for immediate shipments at the US Gulf Coast on Tuesday, pressured by the advancing harvest in the southern United States that boosted available supplies, dealers said. Basis premiums for loadings in September declined by about 5 cents per bushel, adding to steep declines in Chicago Board of Trade corn futures, which fell to the lowest levels in nearly seven years.
The drop in premiums followed earlier declines in corn prices for barges on Midwest rivers as growers in the Mississippi River Delta and south-eastern states were rapidly gathering grain in the part of the country that is among the first to harvest. Soyabean and wheat premiums were both mostly unchanged. A trade delegation for top global soya buyer China was expected to sign framework contracts to buy several bulk cargoes of US soyabeans during meetings this week in Indianapolis, Indiana.