Export premiums for soyabeans shipped from the US Gulf Coast were steady to lower on Wednesday while corn premiums were mostly weaker on light spot demand and abundant supplies, traders said. Rising competition from South American new-crop shipments weighed on deferred soyabean basis values. Top soya importer China has booked a few December and January US shipments this week, but has also booked several late January shipments from Brazil, traders said.
US corn is competitively priced on global markets through early 2017, but Pacific Northwest loadings are currently the better choice for Asian buyers due to lower shipping costs, traders said. South Korea's KOCOPIA bought 55,000 tonnes of US corn via a tender for arrival in early March. CIF Gulf barge basis values for corn and soyabeans weakened this week as many buyers had adequate supplies on hand. Spot soya basis bids reached the lowest point in six months.
Wheat export premiums at the Gulf Coast were flat on muted demand. Ample global wheat supplies and a strong US dollar created stiff headwinds for US shipments. The dollar rallied to a fresh 13-1/2-year high on Wednesday against a basket of currencies. Markets will be closed on Thursday for the US Thanksgiving Day holiday. Futures markets will trade on a shortened schedule on Friday.
The US Department of Agriculture is due to release weekly export sales data early on Friday. Analysts, on average, expect corn and wheat sales to fall from the previous week's levels. December US soyabean shipments were offered at about 52 cents a bushel over CBOT January futures, which closed 4-1/4 cents higher at $10.34-1/4 a bushel. December corn shipments were offered at 62 cents over CBOT December futures, which closed 1/4 cent lower at $3.50-3/4 a bushel.
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