Corn export premiums at the US Gulf Coast were firm on Thursday as the recent plunge in futures prices spurred some renewed buyer interest, traders said. But elevated prices and good supplies of alternative feeds such as feed wheat restricted demand for US corn.
South Korea's KOCOPIA bought 55,000 tonnes of corn on Thursday for late September arrival. Traders said more deals were likely for October through December. US wheat export premiums were steady amid good demand prospects from Middle East and North African importers, some of which have bought or tendered for wheat on the global market this week. But expected large Russian exports beginning later this summer hung over values, traders said.
Japan bought 259,303 tonnes food wheat via regular tender, the largest weekly tender volume in seven weeks. Of that total, 162,393 tonnes was from the US. Soyabean export premiums at the US Gulf were flat to lower amid slow demand and weak CIF basis values, traders said. Most global soyabean buyers currently sourcing supplies from South America. China likely to import 5.57 million tonnes soyabeans in June, up 22 percent from May but down 10 percent from June 2010.
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