Corn export premiums for shipments from the US Gulf Coast were steady to firm on Thursday as strong export demand countered cash sales by farmers, traders said. Soybean and wheat export premiums also held mostly steady. Combined old- and new-crop export sales of corn totaled 2.6 million tonnes in the latest reporting week, the highest in four years, according to the US Department of Agriculture.
Weekly export sales of old-crop and new-crop soybeans totaled 946,400 tonnes, the biggest in three months. Wheat export sales of 806,600 tonnes were the biggest weekly total since July 2015. The United States and Ukraine may pick up corn export business as dry weather in Brazil may reduce the country's winter harvest by 5 million to 10 million tonnes, the chief executive officer of grain trader Bunge Ltd said.
Recent gains in futures prices, driven by concerns about poor weather in South America, have prompted US farmers to sell crops held in storage from last year. FOB corn offers for May shipment were about 54 cents over Chicago Board of Trade May futures, which rose 6-1/4 cents to $3.87 a bushel. May soybean offers were around 50 cents a bushel over Chicago Board of Trade May futures, which closed 1 cent lower at $10.18 a bushel. Spot soft red winter wheat was offered at about 65 cents over CBOT May futures, which closed 1-1/4 cents higher at $4.75-1/2 a bushel. Spot hard red winter wheat offers were about 85 cents over May futures, which fell 3 cents to $4.61 a bushel.
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