Wheat export premiums unchanged at US Gulf Coast

Wheat export premiums at the US Gulf Coast were unchanged on Friday amid muted demand and slow farmer selling, while corn premiums were flat and soybean premiums were steady to firm, traders said. Demand for US soybeans was generally slow, but FOB basis offers were firmer due to higher CIF values, which rose amid very tight supplies in the export pipeline, traders said.
FOB basis offers for June loaded soybeans at the Gulf were a nominal 86 cents a bushel over Chicago Board of Trade July futures, up 2 cents. The nearby CIF soy basis bid rose 3 cents on Friday to 78 over CBOT July. Last half June to first half July barges traded earlier in the day at 80 over, traders said.
US soybean demand remained limited as China, the world's top importer, was currently buying less expensive beans from South American suppliers for shipment this summer and for shipment in spring 2012, traders said. Chinese demand for new-crop US soybeans remained dull, they said. Export premiums for corn and wheat at the US Gulf Coast were steady on Friday amid slow demand, traders said.