Corn export premiums at the US Gulf Coast were steady to firm on Friday, supported by tight nearby loading capacity and solid demand, mostly for springtime shipments, traders said. But new trading was slow on Friday as many US export traders were away from their offices for an industry gathering in New Orleans.
Loading capacity at Gulf elevators was effectively sold out for February and most of March so nearby offers were at a steep premium to deferred values. Importers such as Japan and Mexico have been targeting April through July shipments. Basis bids for nearby corn barges hit a two-week high on Friday on demand from short-bought exporters following persistent delays this winter in shipping grain from northern areas due to ice on rivers. But shipping logistics are improving with milder weather.
Soyabean export premiums were flat on light nearby demand. Chinese importers were expected to cancel more US soya purchases or switch the origin of purchases to South America over the next one to two months. But such moves were limited this week as recent rain at Brazilian ports renewed worries about lengthy loading delays there. China exporters booked at least one cargo of Brazilian soyabeans on Friday for July shipment. China exporters's US new-crop purchases this week totalled about 8 cargoes, traders said.
Soft red winter wheat export premiums were flat to weaker amid light demand and improving grain movement amid milder Midwest weather. But limited export capacity at the Louisiana Gulf due to heavy corn and soyabean loading underpinned SRW offers through March. Hard red winter wheat premiums were unchanged. US corn wholesale markets will be closed on Monday for the Presidents Day federal holiday.
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