May 31 Export premiums for corn shipped by barge
to the U.S. Gulf climbed on Thursday in tandem with rising CIF
basis values amid signs of rising demand after a recent drop in
prices, traders said.
* Spot corn futures on the Chicago Board of Trade hit a
1-1/2 year low this week. New-crop December futures hovered just
above 1-1/2 year lows hit two weeks ago.
* Regular importers, including Mexico and China, inquired
about prices on Thursday, although no fresh sales were
confirmed. The improved interest followed several days of quiet
* Nearby FOB basis offers for corn at the Gulf bounced from
one-month lows, with June and July offers up about 5 cents a
bushel on Thursday. Nearby CIF basis bids were about 4 cents
* Demand for mid-summer shipments of U.S. corn to many Asian
buyers restricted by aggressive South American prices, with
Brazilian and Argentine grain offered at least $20 per tonne
cheaper. U.S. corn more competitive from September and beyond.
* However, Chinese buyers remain focused almost exclusively
on U.S. corn due to worries about unapproved GMO strains in
South America. U.S. corn also favored by neighboring Mexico due
* Wheat export premiums at the U.S. Gulf held mostly steady,
capped by rising supplies due to an advancing harvest and
routine export demand.
* Iraqi wheat tender, announced Wednesday,
expected to favor U.S. wheat as Canadian offers should be scarce
amid the pending end of single-desk marketing at its Wheat
Board. Australian offers may not be aggressive due to limited
capacity, while European offers may also be scarce.
* Soybean export premiums at the U.S. Gulf were mostly
steady on light to moderate demand, with poor crush margins and
adequate port stocks limiting purchases by top importer China,
* Estimates ahead of the release of Friday's USDA weekly
export sales report: wheat sales at 350,000-500,000 tonnes, corn
at 450,000-650,000 tonnes, soybeans at 450,000-700,000 tonnes.
To check displays of FOB basis, click on following:
U.S. FOB Gulf corn
U.S. FOB Gulf soybeans
U.S. FOB Gulf SRW wheat
U.S. FOB Gulf HRW wheat
* FOB U.S. Gulf Grain
* U.S. grain export summary
* Brazil soybean export prices
* Brazil corn export prices
* Argentine grain prices
* Russian grain prices
(Reporting by Karl Plume in Chicago; Editing by David Gregorio)