Wheat export premiums at the US Gulf Coast were steady on Friday amid optimism that Egypt would buy at least some US wheat in an optional-origin tender issued on Friday, traders said. Corn export premiums were mostly flat, capped by sluggish export demand and weak CIF barge values, while soyabean premiums were unchanged amid lackluster old-crop demand.
Egypt's GASC seeking cargoes of hard and soft wheat for shipment March 11-20. Results due Saturday. US hard red winter wheat is the least expensive hard wheat available to Egypt after crop damage due to rains in Australia drove up prices of wheat there, traders said.
Argentina, France and possible US could contend in Egypt's soft wheat tender, traders said. Wheat shipments from Australia on pace, but exports expected to dip in the marketing year. Traders still awaiting results of Iraq tender for at least 100,000 tonnes of wheat amid speculation that the country may pass on the tender. Chinese demand for old-crop US soyabeans was slow. Some price inquiries for new-crop shipments but no new sales.
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