Export premiums for corn and soyabeans were largely unchanged at the US Gulf Coast on Wednesday as a sharp drop in futures failed to spur a significant bounce in export demand, traders said. FOB wheat premiums were also flat as demand remained strictly routine and cheaper supplies from elsewhere in the world undercut exports from the United States.
Soyabean basis was weak in the CIF barge market amid scant interest from exporters while FOB soya premiums held steady after easing earlier this week. Poor crush margins have capped demand for soyabeans from top global buyer China. Corn prices are near levels where China bought US grain earlier this year but there was little indication that the country was seeking supplies so far this week.
Grain and oilseed futures plunged Wednesday at the Chicago Board of Trade, with corn and wheat posting their largest daily declines in a month, as the dollar soared on concerns over the euro zone debt crisis. South Korea's largest feedmaker Nonghyup Feed (NOFI) is seeking up to a total of 210,000 tonnes of US No 3 or better yellow corn for arrivals in March and April via tenders, traders said. The tenders will close at 5:00 pm (0800 GMT) on Wednesday.
Traders expected USDA on Thursday to put export sales of wheat last week at 300,000 to 400,000 tonnes, while corn and soyabean exports were each estimated at 400,000 to 600,000, with exports of all three commodities seen below the levels from the previous reporting period.