Export premiums for corn and soyabeans shipped from the US Gulf Coast stayed mostly unchanged on Wednesday amid steady demand, traders said. Private exporters struck deals to sell 141,224 tonnes of US corn to unknown destinations for delivery in the 2016/17 marketing year, according to the US Department of Agriculture.
A day earlier, the agency confirmed sales of 125,000 tonnes of corn sales to unknown destinations for 2016/17 delivery. The agency also confirmed sales of 145,000 tonnes of US soyabeans for delivery in 2016/17 and 130,000 tonnes of soyabeans for delivery in 2017/18.
Top soyabean importer China has slowed purchases from the United States as part of a seasonal shift to supplies from South America, traders said. Next week, Chinese demand should slow further due to the Lunar New Year holiday, which begins at the end of this week.
Cheaper corn from South American harvest will compete with US corn after April, traders said. Corn shipments from the Gulf in late February were offered around 70 cents a bushel over Chicago Board of Trade March futures, flat from Tuesday.
FOB basis offers for February shipments of soyabeans were 47 cents a bushel above CBOT March futures, down about a penny. Offers for February soft red winter wheat and hard red winter wheat shipments were unchanged at about 80 cents over March futures and 135 cents over March futures, respectively.
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