Export premiums for corn shipped from the US Gulf Coast were flat to lower on Friday, weighed down by abundant supplies and minimal demand for near term shipments, traders said. Demand on Friday was light. Traditional US customers such as Mexico and Japan have the bulk of their import needs filled through the end of the year and have been shopping for early 2017 shipments, traders said.
Soyabean export premiums at the Gulf were mostly unchanged, with prices underpinned by strong demand from top importer China which has been actively booking US cargoes this week for mostly November and December shipment, traders said. Wheat export premiums were flat on muted demand.
Trading was light as dealers moved to the sidelines ahead of the weekend and ahead of a monthly US Department of Agriculture supply-demand report next week and the US presidential election, both of which could rile markets. Analysts polled by Reuters expect the USDA to raise its US soyabean production view and slightly trim corn production in the report due next Wednesday.
November US soyabean shipments were offered at about 74 cents a bushel over Chicago Board of Trade January futures , which closed 1-1/4 cents higher at $9.90-3/4 a bushel. November corn shipments were offered at 74 cents over CBOT December futures, which closed 3/4 cent higher at $3.48-3/4 a bushel. Offers for November soft red winter wheat shipments were about 90 cents over CBOT December futures, which settled 2-1/4 cents higher at $4.14-1/4 a bushel.