Export premiums for corn and wheat weakened at US ports on Friday, pressured by abundant supplies of the grain following robust harvests, traders said. FOB offers for soyabeans held steady. Export demand for corn was expected to pick up in the coming weeks, with a trader noting lots of interest from overseas buyers. That follows deals earlier this week with South Korean feed companies for US corn.
Weakness in the futures markets, coupled with declining basis offers, was expected to spark some deals for US supplies on the export market, the corn trader added. Chicago Board of Trade corn futures fell to their lowest in two months this week. Exporters also were eager to move the ample stockpiles of wheat they have been holding for months, a wheat trader said.
FOB Gulf corn basis offers for November loadings were posted at 67 cents over CBOT December futures after being unquoted earlier this week. December loadings fell by 8 cents to 68 cents a bushel over Chicago Board of Trade December futures. November soft red winter wheat offers were quoted at 75 cents over December futures, a drop of 10 cents from Thursday. Deferred offers also fell by 10 cents a bushel. Spot FOB offers for hard red winter wheat fell by 3 cents per bushel. Offers for December loadings dropped by 5 cents per bushel. FOB Gulf soyabean basis offers for November were unquoted as most elevation capacity was sold out. December offers were unchanged at 90 cents a bushel over CBOT January futures.
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