US corn export premiums at the Gulf Coast were lower on Thursday, sinking in tandem with the easing CIF barge market, amid quiet demand for Gulf shipments ahead of an upcoming government acreage and stocks report. Most of the demand for US corn this week has been for shipments from the Pacific Northwest, including the first sales to China in a month, traders said.
Some new corn Gulf sales to regular Asian buyers were possible overnight amid sharply lower futures, with spot CBOT corn down 10 percent from mid-March peaks. Some likely to wait until prices show a bottom before buying large volumes. Private Chinese buyers were making corn price inquiries on Thursday, following sales of at least six cargoes earlier in the week, but no fresh sales could be confirmed, traders said. China's JC Intelligence said importers were set to sign deals for four or five more cargoes.
USDA on Thursday confirmed private sales of 120,000 tonnes US corn for 2011/12 shipment to China, 120,000 tonnes for 2012/13 shipment to an unknown destination. The "unknown" was widely believed to be China and the announcement was seen as confirmation of sales reported on Wednesday. Brazilian corn output in 2012/13 seen at a record 68 million tonnes, exports at 12.5 million, USDA attache said.
USDA due to release its prospective plantings and quarterly US grain stocks reports early Friday. US Gulf soyabean export premiums were steady on mostly quiet demand, with Chinese buyers seeking offers for September shipments from the US but no new sales confirmed. Brazilian soyabeans were valued about 10 to 15 cents a bushel below US soyabeans, although China has purchased US old-crop supplies on occasion to secure a specific load time. Private exporters reported sales of 120,000 tonnes US soyabeans for 2011/12 shipment to China, USDA said on Thursday.
US wheat export premiums were steady to firm, supported by easing futures prices and good demand prospects, particularly for soft red winter wheat, which was among the least expensive in the world, traders said. Taiwan Flour Millers' Association bought 41,650 tonnes US milling wheat via a tender.
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