Lower futures support modestly higher CIF barge values, slow farmer selling, ignite demand from foreign buyers, traders said. Spot CIF corn bids up 2 cents per bushel on Wednesday. US soyabean export premiums were quietly steady, with offers scarce through February due to a lack of available loading capacity. Quiet demand from China, the world's top soyabean importer.
China winding down its purchases of US soya after record import pace, turning to South American soyabeans. Generally good crop development weather in South American soya areas to boost production. Early Brazil harvest underway, but volumes are minimal and main thrust of harvest expected from March.
Brazil soya exports to slip from 2009 record as world supplies and exporter competition grow. Taiwan's BSPA seeking 40,000 to 60,000 tonnes US or Brazilian soyabeans in tender closing Thursday. Shipment between late March and mid-April.
Wheat export premiums were flat as high prices and abundant global supplies continued to restrict demand. The bulk of recent sales has been to routine customers and overall export sales are down about 26 percent from a year ago. US prices seen not competitive with wheat from other origins, with higher freight costs to key markets adding further disadvantage.