US FOB Gulf corn, soyabean premiums steady

Corn export premiums for shipments from the US Gulf Coast held unchanged on Thursday, underpinned by moderate export demand from traditional US customers for near-term shipments, traders said. US corn export sales in the 2015/16 season to date remain about 18 percent behind last year despite another strong week of sales. The USDA expects corn exports this season to be down just 11.5 percent from last year, according to the agency's latest forecast.
Gulf soyabean export premiums were flat amid seasonally slow demand and adequate supplies in the export pipeline. Firming export prices in Brazil have slowed sales from the South American country over the past week as the real strengthened, but demand for US soyabeans has only increased slightly, traders said. Hard red winter wheat export premiums fell on sluggish demand as futures prices this week hit the highest point in a month. Soft red winter wheat premiums were flat.
Net US corn export sales last week topped trade expectations at more than 1.2 million tonnes, including sales to top importers Japan and Mexico and the sale of a cargo to China, according to USDA data on Thursday. But corn sales in the season to date remain 18 percent behind a year ago, versus the USDA forecast for a 12 percent drop. Net US soyabean export sales totaled 623,700 tonnes for old-crop shipment and 235,100 tonnes for new-crop, a two-month high for combined-marketing-year sales. Sales in the current season to date trail last year by 9 percent, versus the USDA estimate for an 8 percent decline.
Wheat export sales were 212,900 tonnes for 2015/16 and 159,400 tonnes for 2016/17. FOB Gulf soyabeans loaded in April were offered at around 48 cents a bushel over CBOT May futures, which closed 3-1/4 cents higher at $8.97-3/4 a bushel. Corn offers for April shipment were about 48 cents over CBOT May futures, which ended 1/4 cent higher at $3.68-1/2 a bushel. Spot shipments of soft red winter wheat at the Gulf were offered at about 60 cents over CBOT May futures, which closed 8-1/4 cents lower at $4.62-1/2 a bushel. April hard red winter wheat offers were about 85 cents over May futures, which closed 13 cents lower at $4.70-3/4 a bushel.