US corn export premiums at the Gulf Coast mostly held steady on Wednesday, underpinned by tight old-crop stocks and as China made a large purchase of US corn for shipment from the Pacific Northwest this summer. Private buyers in China purchased six cargoes, or about 360,000 tonnes, of US corn for May/June shipment from the PNW as the cost of imported grain was at a discount to domestic supplies.
Demand for corn from other importers was largely quiet, with many traders taking to the sidelines ahead of Friday's US Department of Agriculture prospective plantings and quarterly stocks reports. US wheat export premiums were steady to firm, supported by easing futures prices and good demand prospects, particularly for soft red winter wheat, which was among the least expensive in the world, traders said.
Egypt's GASC bought a 60,000-tonne cargo of US soft red winter wheat via a tender on Wednesday, along with a cargo of Argentine wheat. The GASC tender included Russian wheat bids for the first time since mid-February, during which time GASC set four tenders. Shipping problems and tight supplies near ports prevented exporters from offering Russian wheat during that time. Taiwan Flour Millers tender for 41,650 tonnes US wheat closes on Thursday. Major US wheat importer Japan said it plans to buy 6.5 percent less foreign wheat in the coming year as domestic production grows.
Comments
Comments are closed for this article.