Corn export premiums at the US Gulf Coast were steady to firm on Thursday as solid demand from traditional buyers and emerging importer China supported values, traders said. Private exporters confirmed sales of 120,000 tonnes US corn to China for shipment in the current marketing year, USDA said on Thursday. There were also 110,744 tonnes in sales to unknown buyers.
More sales to China were expected as rising domestic prices in southern areas made imports from the United States a more cost-effective option. Prices in parts of southern China were more than $60 per tonne above imported prices, not including import duties.
Demand inquiries from Japan and Mexico also noted on Thursday, but no sales were confirmed, traders said. Soyabean export premiums at the US Gulf Coast were mostly steady amid tight spot supplies and firm demand for both old-crop and new-crop shipments, traders said.
US Gulf soyabean export prices competitive with new-crop Brazilian prices on the world market into April, when Brazilian prices typically are far cheaper than US prices. But slow farmer selling in Brazil has propped up basis values this year. Hard and soft red winter wheat export premiums at the US Gulf Coast were mostly steady on Thursday. SRW values were underpinned by good export demand for what is the least expensive wheat in the world, traders said.
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