Export premiums for corn shipped from the US Gulf Coast were weaker on Thursday on easing CIF barge basis values and plentiful US supplies, while soybean and wheat premiums were mostly steady, traders said. Nearby CIF corn basis values fell by about 3 cents a bushel on Thursday after a large exporter withdrew bids late in the day, traders said. The lower barge values reduced grain acquisition costs for exporters.
Soybean demand by Chinese importers remained strong amid profitable crush margins, with the world's top buyer booking at least one more cargo on Thursday, a trader said. Earlier, the US Department of Agriculture confirmed private sales of 126,000 tonnes of old-crop soybeans to China. Egypt's GASC is seeking cargoes of wheat for December 15-25 shipment via a tender closing on Friday. The group have purchased mostly Russian wheat in recent tenders. Traders expect Russia to remain the most competitive origin.
November US soybean shipments were offered at about 69 cents a bushel over Chicago Board of Trade January futures , which closed 7 cents higher at $9.98 a bushel. November corn shipments were offered at 68 cents over CBOT December futures, which closed 2-3/4 cents higher at $3.43-1/2 a bushel. Offers for November soft red winter wheat shipments were about 90 cents over CBOT December futures, which settled 2 cents lower at $4.04-3/4 a bushel. Spot hard red winter wheat cargoes were offered at 128 cents over December futures, which closed 1-1/2 cents lower at $4.08-3/4 a bushel.
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