Corn export premiums at the US Gulf Coast were mostly steady to firm on Friday, supported by tight old-crop supplies and moderate demand, traders said. Widespread talk of Chinese demand for at least 600,000 tonnes of old-crop US corn supported futures prices on Friday. Traders could not confirm the rumours and said FOB premiums at the Gulf and the Pacific Northwest did not indicate a large sale was done.
Higher corn futures prices on the Chicago Board of Trade on Friday dulled demand from price-sensitive buyers such as South Korea, which had made numerous purchases of US and optional-origin corn this week. Iranian tender for 100,000 tonnes of any origin corn closes on Monday. US sales were possible, but less expensive supplies could be available from Europe or the Black Sea region, traders said.
US soyabean export premiums held steady on Friday amid a late-week lull in demand from China following moderately active sales earlier this week, traders said. Soya premiums were also supported by strong demand prospects for old-crop soyabeans as Brazilian export premiums rebounded sharply after tumbling earlier this week, traders said.
USDA on Friday slashed its outlook for South American soyabean crops following a severe drought. US wheat export premiums were unchanged on Friday in quiet trade. Iraqi tender for a nominal 50,000 tonnes of wheat closes early next week. Traders said Canadian and possibly US or Australian wheat could be competitive.
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