Export premiums for corn shipped from the US Gulf Coast were mostly flat on Thursday, anchored by light demand and adequate supplies, traders said. Prices for US corn shipped to Asia from the Pacific Northwest are competitive with Argentine shipments through June, a trader said. Gulf demand is light as buyers are turning to other ports for supplies, he said. The US Department of Agriculture confirmed private sales of 115,400 tonnes of US corn for shipment in the 2016/17 marketing year.

Soyabean export premiums held mostly steady on limited demand, with cheaper South American new-crop shipments undercutting US prices, traders said. Traders noted recent export sales for June and July shipment from the Gulf have underpinned prices. They could not confirm market talk on Thursday that Chinese purchases of several cargoes of US soyabeans have been cancelled. Wheat export premiums were steady to firm, underpinned by tight spot supplies of export-grade beans.

An ADM export terminal in Ama, Louisiana, was shut down on Thursday after a barge-mounted crane struck a conveyor system, the company said. ADM is shifting export operations to its other three Gulf facilities as the plant is repaired. Corn shipments loaded in June were offered around 38 cents a bushel over Chicago Board of Trade July futures, flat from Friday. FOB corn basis offers for September shipments were down 2 cents at about 39 cents a bushel above CBOT July futures. Soyabean shipments loaded in late June and July were offered about 44 cents a bushel over Chicago Board of Trade July futures, unchanged from Friday. June SRW wheat shipments were flat at about 50 cents a bushel over CBOT July futures.

Copyright Reuters, 2017