Corn export premiums at the US Gulf Coast held steady on Friday as a nearly 4 percent surge in futures prices chilled demand, traders said. Net corn export sales last week totalled 1.5 million tonnes for old-crop, about twice the weekly pace needed to meet the USDA's export target for 2010/11. Traders said next week's report could show even higher sales.
China not likely to import large amounts of corn in the near term unless domestic crops fail. US wheat export premiums were flat on Friday amid a lack of fresh demand following a string of large tenders by Middle East and North African importers earlier this week.
Traders awaiting results of a tender by Saudi Arabia which closed on Friday and looking ahead to a large tender by Iraq which closes on March 5. US wheat less competitive on the world market following Friday's 3 to 4 percent surge futures prices, but final results in the Middle East tenders will depend on offers from competing origins where supplies are tight. Highest quality Australian hard wheat supplies may be hard to source after heavy harvest-time rains damaged quality, traders said. Argentine agency responsible for corn and wheat export limits dissolved, but impact on export quotas unclear.
Comments
Comments are closed for this article.