Export premiums were flat for corn, soybeans and wheat at the US Gulf Coast on Friday as trading came to a near standstill following Thursday's US Thanksgiving holiday. Many brokers and traders took the day off or left shortly after the close of the abbreviated session at the Chicago Board of Trade, leaving export premiums nominally steady.
Soybean bids edged slightly higher in the CIF barge market while basis bids for corn shipped by barge to the US Gulf ended the short day largely unchanged. USDA early Friday put exports sales of all varieties at US wheat at 614,400 tonnes, the highest level in nine weeks, while soybean exports of 921,600 tonnes were most in eight weeks, with sales of each crop topping analyst expectations.
Export sales of 350,000 tonnes corn missed expectations but were the largest sales in three weeks. China accounted for more than half of the corn sales while a large volume of sales to an unknown buyer were cancelled. US corn futures dropped for the third consecutive week and wheat slumped for a fourth straight week as Europe's escalating debt crisis had investors reducing risk assets and seeking safer items like the dollar.
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