Export premiums for corn shipped from the US Gulf Coast were steady to firm on Friday, supported by an increase in demand following a drop in futures prices this week to two-month lows, traders said. Benchmark Chicago Board of Trade corn futures dropped more than 3 percent this week, the steepest weekly decline in three months. The drop in prices attracted renewed demand in the export market, traders said.
South Korean feed importers bought at least 10 cargoes of US and optional-origin corn on Friday, traders said. Many of the optional-origin purchases are expected to be sourced from the United States, they said. CIF corn barge basis values climbed for a second straight day on Friday amid the uptick in demand. January through March barge bids gained 6 cents a bushel since late Wednesday.
Traders noted moderate demand for March shipments from other US corn customers as well, including Mexico and Japan. FOB soyabean basis offers were mostly steady after declining earlier this week on a seasonal slowdown in demand. December corn shipments were offered at about 55 cents over Chicago Board of Trade March futures, which closed 4-3/4 cents higher at $3.47-1/4 a bushel. December US soyabean shipments were offered at about 42 cents a bushel over CBOT January futures, which closed 2-1/4 cents lower at $10.27-1/2 a bushel.