Corn export premiums at the US Gulf Coast were firmer on Friday as tight supplies in the export pipeline lifted values in the CIF barge market that supplies Gulf exporters, traders said. CIF corn basis bids in old-crop loading positions firmed by 2 to 3 cents a bushel on Friday. CIF August basis jumped 10 cents as the spread between July and September futures widened by more than 12 cents.
FOB corn basis offers were up 2 to 4 cents a bushel on Friday and up 4 to 5 cents in the week. There was more talk of US corn purchases by China, but traders could not confirm that any sales have been finalised. South Korea bought 180,000 tonnes of corn for feed production via a tender and private negotiation, traders said on Friday. The No 3 US corn buyer has purchased more than 300,000 tonnes this week.
US wheat export premiums were unchanged on Friday amid slow demand as highly volatile grain markets keeping many buyers on the sidelines, traders said. Jordan will tender next week for 100,000 tonnes hard wheat from any origin. Iraq expected to issue a tender for wheat as soon an next week, traders said. Traders still awaiting results of a 300,000-tonne wheat tender by Sudan which closed last Sunday.
US soyabean export premiums at the Gulf were flat on Friday, capped by seasonally slow demand as South American prices were currently at a discount to US, traders said. Poor crush margins in China and ample supplies at its ports keeping a lid on demand from the world's top soyabean importer.
Comments
Comments are closed for this article.