Corn and soyabean export premiums were mostly steady at the US Gulf Coast on Thursday in thin trading ahead of a government supply and demand report due early on Friday, traders said. Soyabean bids were firm in the CIF barge market, supported by limited supplies in the export pipeline, but few sales seen Thursday with top global soya buyer China said to be on the sidelines due to weak crush margins there.
Corn export demand limited amid cheaper available corn and feed wheat supplies from the Black Sea region. FOB wheat premiums were also flat, with a downturn in futures on Thursday doing little to spur fresh demand. Some traders delayed deals until after the release early on Friday of USDA's monthly supply and demand report, in which analysts expect the government to trim corn stocks and boost soya supplies.
USDA early Thursday put US corn export sales at 708,000 tonnes, above trader expectations and the most sales in two months. Soyabean exports totalled 795,600 tonnes, also above estimates and the largest sales in two weeks. Wheat exports at 427,200 tonnes were below estimates and the smallest sales in three weeks. Iraq's state grain board bought 400,000 tonnes of Russian and Canadian wheat in a tender for a nominal 50,000 tonnes, European traders said on Thursday.
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