Corn, soya export premiums steady

July 14, 2013

Corn, soya
Corn, soya

Export premiums for corn, soya shipped from the US Gulf Coast held steady on Friday on thin nearby supplies and regular demand for post-harvest shipments, traders said. New-crop corn premiums were underpinned by revived demand from Asian buyers, mainly China, following a drop in prices last week.

The US Agriculture Department on Friday confirmed private sales of 960,000 tonnes of US corn for 2013/14 shipment. Vessel loading delays in South America have bolstered demand for US corn for September and October shipments. Delays at Brazilian ports were up to 60 days long, traders said.

Argentine grain shipments were halted on Friday as port workers staged a one-day strike to protest high income taxes, labour union officials said. Wheat export premiums at the Gulf Coast were mostly steady, underpinned by recent strong demand from China. China is expected to import its largest volume of wheat since the mid-1990s following damage to its high quality crops, according to a USDA forecast. But a national statistics body in China said on Friday that its wheat crop will be the largest on record. Japan bought a total of 49,954 tonnes of food wheat from the United States and other suppliers via a regular tender, including its first purchase of white wheat since the discovery of a GMO variety growing in Oregon. Courtesy Reuters

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