Corn export premiums at the US Gulf Coast were steady on Thursday, underpinned by moderate demand for US corn following a steep drop in futures prices this week, traders said. Lower prices attracted some previously reluctant buyers to US corn, including feedmakers in South Korea who bought nearly 270,000 tonnes believed to be slated for shipment from the Pacific Northwest.
Gulf corn prices were not competitive with PNW or with corn from South America so Gulf sales have been slow. Recently restarted Ukrainian corn exports also undercut US export prospects in Middle East and North Africa, traders said. Talk of Chinese demand for US corn supported futures on Thursday, with the July contract rising 0.5 percent after hitting an eight-week low during the trading session. But no physical sales could be confirmed.
US old-crop corn imports were currently not profitable for Chinese processors. New-crop corn would be marginally profitable if import taxes are waived, traders said. Chinese delegation in Argentina likely to discuss corn purchases and phytosanitary protocols. Soyabean export premiums were flat amid dull demand, with South American suppliers currently attracting the bulk of world demand, traders said. Taiwan's BSPA bought 60,000 tonnes Brazilian soyabeans for shipment July 15 to August 5, traders said. Wheat export premiums were mostly steady, capped by generally quiet demand for US supplies, traders said.
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