Values had fallen about 13 percent since the release of USDA's bearish corn production number on January 12. Lower prices encourage previously hand-to-mouth buyers to extend coverage over the past week, much of it by South Korea. Concerns about tightening loading capacity for March added incentive for buyers.
USDA export sales report to be released early Friday could show 1 million tonnes of corn sales in week ended January 14, several traders said. South Korea's KOCOPIA 55,000 tonnes any origin GMO corn for May 20 arrival. Taiwan's Great Wall Feed Group seeking 40,000 to 60,000 tonnes corn from US or Brazil for first half April shipment. Traders said US-origin corn in good position to win both tenders.
US soybean export premiums were about steady on Thursday, with offers scarce through February due to a lack of available loading capacity. China, the world's top soybean importer, increasingly looking to South American soybeans for near term shipments after buying record amounts of US soy. But recent steep drop in prices has fuelled some demand, traders said.
China buys 55,000 tonnes US soybeans for 2009/10 delivery, 175,000 tonnes for 2010/11, USDA said. China customs pegs December soybean imports from US at 4.7 million tonnes, up 59 percent from December 2008. January-December imports up 41 percent at 21.8 million tonnes. Taiwan's BSPA buys 48,000 tonnes Brazilian soybeans. 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.