Export premiums for corn shipped from the US Gulf Coast were mixed on Wednesday, with nearby offers supported by tight export loading capacity and rising CIF barge basis values, traders said. Spot CIF corn barge bids climbed to the highest point in 4-1/2 months amid firm freight costs and good demand for near term shipments, traders said. Foggy conditions have impeded navigation over the past several days and supplies of available empty barges were tight in some areas of the Midwest, they said.
Export demand for corn was limited to routine buyers such as Japan, South Korea and Mexico, which have inquired this week about prices for shipments in March and beyond, traders said.
Mexico may import 20 percent more yellow corn next season amid rising domestic production costs, the head of the top corn farmer federation said. Some traders disagreed with the aggressive forecast, citing headwinds from a strong dollar and ample supplies of other feed grains around the globe.
Soyabean export premiums at the Gulf were mostly flat to weaker on seasonally slowing demand and sinking CIF barge basis values.
Top soya importer China booked February and March cargoes from Brazil amid abundant supplies and lower prices. Demand for US shipments has fallen in recent weeks.
Brazilian police cleared blockades by protesting truckers along a road used to ship corn and soya to export terminals.
Traders are monitoring soya crop conditions in Argentina after heavy rains and flooding. A crop decline could shift more demand to US soyabeans, they said.
US Department of Agriculture weekly export sales data is scheduled for release on Friday, delayed by a day due to a federal holiday this week.
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