Export premiums for corn shipped from the US Gulf Coast were mostly flat on Thursday, even as CIF barge basis values jumped, as demand from overseas buyers remained dull and supplies were ample, traders said. June and July CIF barge bids jumped by 4 to 5 cents a bushel after sinking to five-year lows early in the week as traders in the river market covered short positions.
Hard red winter wheat premiums held steady after rising sharply earlier this week on tight supplies of high-protein grain. Saudi Arabia is seeking 770,000 tonnes of 12.5-percent protein hard wheat for August to October arrival via a tender closing on Friday. Export premiums for soyabeans and soft red winter wheat were flat on muted demand.
The US Department of Agriculture reported net cancellations in sales of 172,600 tonnes of soyabeans to China last week. Further cancellations are expected in the coming weeks as South American new-crop supplies flood the market, traders said. The USDA is due to release its monthly supply and demand report on Friday.