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Last update: Mon, 08 Feb 2016 02am

US FOB Gulf corn export premiums ease

US corn export premiums softened on Wednesday at Gulf Coast terminals amid lackluster demand, while soyabean export premiums stayed steady. Activity in the markets was mostly quiet ahead of the New Year's Day holiday on Thursday, traders said.

The US Department of Agriculture on Friday is expected to report that US corn export sales for the week ended December 25 were 600,000 to 800,000 tonnes, down from 1.7 million tonnes the previous week, according to a Reuters poll of analysts. Weekly US soyabean export sales were estimated at 550,000 to 750,000 tonnes, compared to 635,775 tonnes the previous week. January corn offers FOB Gulf were quoted 2 cents lower at 62 cents over CBOT March.

Chicago Board of Trade corn futures sank 2 percent. Soyabean futures also fell, ending 2014 with their biggest loss in a decade due to large US and South American crops. Export demand for US soyabeans is expected to taper off starting in late February as large Brazilian harvests begin increasing competition for global business. FOB January soyabean offers were quoted at 92 cents a bushel over CBOT March, unchanged from Tuesday. SRW wheat January offers at the Louisiana Gulf were steady at 130 cents over CBOT March. HRW wheat offers for January at the Texas Gulf were unchanged at 130 cents over KCBT March.

Copyright Reuters, 2015