US FOB Gulf wheat basis offers were steady on Wednesday following the 20-cent slide in futures as speculators took profits before the holiday and concerns eased about Russia curbing its wheat exports through an export tax, traders said. FOB corn and soyabeans were also unchanged in quiet trade on Wednesday after futures fell during the shortened session ahead of the Christmas break, traders said.
Both HRW and SRW wheat offers were unchanged midday Wednesday as export trading desks closed early for Christmas Eve. Traders said they are awaiting official confirmation from Russia on the specifics of an expected export tax, which could come as early as Friday. The tax could be lower than originally feared and may not take effect until February 1, traders said.
US wheat exports remain in the doldrums, especially as other major world exporters are offering wheat as much as $30 per tonne cheaper than the United States.
HRW wheat offers for January at the Texas Gulf were unchanged at 130 cents over KCBT March, which ended 20-3/4 cents lower at $6.44 a bushel. SRW wheat January offers at the New Orleans Gulf held at 130 cents over CBOT March, which closed 24 cents down at $6.11-1/2. FOB corn offers were all steady, with January quoted at 70 cents over CBOT March, which fell 6-1/4 cents to $4.07-3/4.
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