Corn and soyabean export premiums at the US Gulf Coast were about steady on Thursday, while FOB basis offers for hard red winter wheat were steady to firm, traders said. Corn demand was moderate despite prices near historic highs. Export sales topped forecasts last week, with Japan buying its largest weekly volume since an earthquake and tsunami in early March.
South Korea tendered for 110,000 tonnes of US corn on Thursday. Soyabean demand was seasonally slow as cheaper supplies are currently available from South America. Net US soyabean export sales last week were the lowest since March 2010. Record-large Brazilian soyabean harvest winding down amid mostly dry forecast. Argentine harvest accelerating, crop forecasts rising.
Demand for soft red winter wheat remained dull as most importers had sufficient stocks on hand and were awaiting the new-crop harvest, when prices are typically lower. Egypt, a top importer of soft wheat, has not issued a tender since late February as it assesses its domestic crop, which will be harvested soon. Traders do not expect another international tender for several more weeks. Demand for hard red winter wheat was solid amid several outstanding tenders, including Iraq and Jordan.
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