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US FOB offers for soft red winter wheat rose for a second day on Friday on good export demand coupled with difficulty drawing out replacement supplies from farmers and elevators due to high transportation costs and recent declines in grain prices, traders said. Corn and soybean export premiums were unchanged and have moved little this week.
Recent drops in ocean freight and grain prices spurring export demand. US corn export sales hit a nine-week high last week. Soyabeans at a five-week high. Wheat sales down but running 9 percent ahead of five-year average. US exports sales of corn, soyabeans and wheat were expected to remain strong next week but traders are keeping any eye on the quick pace of corn and wheat shipments.
China seeking more soyabeans for shipment from the Gulf in November and December, traders said on Friday. Japan pricing US corn for November and December shipment. US farmers are having an easy time obtaining credit to fund their operations despite the turmoil affecting world financial markets, the second-largest farm group said Friday. Argentina authorised 227,500 tonnes of additional 2007/08 corn for export after farmers declared more stock, the state agency ONCCA said on Friday.

Copyright Reuters, 2008

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