US corn export premiums at the US Gulf Coast held steady on Friday after rising a day earlier amid a spike in export demand from China, traders said. Private exporters sold 1.25 million tonnes US corn to unspecified buyers, 1 million tonnes of that for 2010/11 shipment, USDA said on Friday. It was the sixth-largest single-day sale on record.
Taiwan's MFIG will tender next week for 40,000 to 60,000 tonnes of corn for May shipment. FOB corn basis offers were up about 5 cents a bushel this week, CIF basis bids were up 3 to 5 cents, while spot CBOT corn futures rose 6-1/2 cents, or about 1 percent. Soft red winter wheat premiums at the US Gulf rose on Friday in tandem with higher CIF values, which jumped on tight supplies in the export pipeline, although demand for SRW wheat remained thin, traders said. Hard red winter wheat premiums were steady with a firm tone amid solid export demand and slow grain movement.
HRW competitively priced in the tender for 100,000 tonnes by Iraq which closes on Saturday. Jordan tender that closes next week also seen favouring US HRW, traders said. Black Sea wheat production seen rebounding in 2011, which could lead to a restart of exports after last year's severe drought. US soyabean export premiums at the Gulf were flat on seasonally slow demand, with cheaper South American new-crop soyabeans attracting the bulk of world demand, traders said.