Export premiums for corn shipped from the US Gulf Coast were weaker on Wednesday amid easing CIF barge basis values and generally light demand, traders said.
Prices for near-term shipments remain at a premium to deferred shipments due to limited available loading capacity at Gulf terminals. US corn remains competitively priced on the world market into April, traders said.
Top US corn buyer Mexico expects to begin formal talks from around the beginning of May on renegotiating NAFTA following a 90-day consultation with the private sector, the government said on Wednesday.
Soyabean export premiums were mostly unchanged, holding near recent lows amid seasonally slowing demand and ample supplies, traders said.
Demand from China for US soyabeans has slowed as the top importer turns to near-term Brazilian shipments. But traders noted an uptick in US price inquiries from European buyers and importers in Bangladesh and Pakistan.
The US Department of Agriculture (USDA) on Wednesday confirmed private sales of 236,700 tonnes of US soyabeans to unknown destinations, including 170,700 tonnes for 2016-17 delivery. Traders said the sale appeared to be to a European buyer.
The line-up of vessels waiting to load soyabeans at Brazilian ports is double year-ago levels due to a speedy harvest and strong global demand.
The USDA is due to release weekly export sales data early on Thursday. Analysts polled by Reuters expect lower old-crop corn and wheat sales and steady to higher soyabean sales.
Corn shipments from the Gulf in late February were offered around 69 cents a bushel over Chicago Board of Trade March futures.
FOB basis offers for February shipments of soyabeans were 45 cents a bushel above CBOT March futures.
Offers for February SRW wheat shipments were unchanged at 85 cents over March futures while HRW shipments were steady at 140 cents over March futures.
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