Export premiums for corn shipped from the US Gulf Coast were steady to higher on Thursday, supported by solid demand and tight near-term loading capacity, traders said. Export sales of corn topped trade expectations last week at more than 1.3 million tonnes, according to US Department of Agriculture data.
US corn was the cheapest available in the world market through March, traders said. Low-cost corn from an expected large South American harvest will compete with US corn from April and beyond, they said. Corn shipments from the Gulf in late February were offered around 73 cents a bushel over Chicago Board of Trade March futures, up 3 cents from the prior day. Late February prices were a 7-cent-per-bushel premium over early March shipments.
Soft red winter wheat export premiums were steady to firm, with nearby offers supported by tight supplies and limited loading capacity at Gulf terminals, traders said.
Hard red winter wheat premiums were also inverted amid strong demand for high-protein wheat and limited supplies available for immediate shipment, traders said.
Weekly US wheat export sales were well above trade expectations last week on large purchases of spring and white wheat varieties by undisclosed buyers.
Egypt's GASC bought 410,000 tonnes of Russian wheat via a tender on Thursday. Cargill offered US HRW wheat in the tender, the first US wheat offered to GASC in several months.
Offers for February SRW wheat shipments were 5 cents higher at 85 cents over March futures while HRW shipments were unchanged at and 135 cents over March futures.
Soyabean export premiums at the Gulf were flat in muted trading ahead of Lunar New Year celebrations in China. Soyabean purchases are expected to remain light during the week-long holiday.
FOB basis offers for February shipments of soyabeans were 47 cents a bushel above CBOT March futures.