FOB Gulf Grain-Corn premiums hold steady on solid demand

28.04.2017

Export premiums for corn shipped from the U.S. Gulf Coast held mostly steady on Thursday on moderate demand from traditional buyers and abundant supplies in North and South America, traders said. * U.S. Gulf prices for June and July cargoes are competitive with shipments from Brazil's Paranagua port. Slow farmer selling has lifted Brazilian prices, traders said. But Pacific Northwest shipments to key Asian markets are about 20 cents a bushel cheaper than Gulf loadings, a trader said.

Strong demand from South Korea and Japan propelled U.S. corn export sales last week to a three-week high, according to data released by the U.S. Department of Agriculture on Thursday. Soybean export premiums held steady after rising earlier this week on improving demand for summertime shipments. Rising prices and lengthy port lineups in Brazil have boosted interest in U.S. cargoes.

U.S. soybean export sales hit a one-month high last week, according to USDA data. PNW shipments are priced lower than U.S. Gulf cargoes into Asia, traders said.

Wheat export premiums were flat on light demand. U.S. President Donald Trump late on Wednesday told the leaders of Canada and Mexico on Wednesday that he would not terminate the NAFTA treaty at this stage, but will move quickly to begin renegotiating it with them.

Soybean shipments loaded in May were offered around 32 cents a bushel over Chicago Board of Trade July futures. FOB corn basis offers for May shipments were around 36 cents a bushel above CBOT May futures.

May soft red winter wheat shipments were offered around 70 cents a bushel over CBOT May futures. * Hard red winter wheat cargoes at the Texas Gulf for May shipments were offered at 125 cents over May futures.


indiatimes

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