US FOB Gulf wheat basis offers were steady late Wednesday after futures fell on profit taking and ahead of the overnight tender from Egypt's state wheat buyer GASC, traders said. GASC is seeking offers for February 8-18 shipment but as in recent tenders traders were not expecting the US to win any business. In the last GASC tender on December 20 FOB SRW offers were some $30 per tonne higher than French and Russian wheat. Louis Dreyfus has been the only house making offers.
Corn basis offers were steady to soft while soyabeans values were unchanged on continued signs that China was back in the market booking cargoes this week to help bridge shipments into the South American harvest. FOB Gulf SRW wheat for February were unchanged at 130 cents over CBOT March, which closed down 12-1/4 cents at $5.79-1/2 a bushel. FOB HRW wheat offers at the Texas Gulf were steady at 125 cents over KCBT March, which ended 11-1/4 lower at $6.20.
Wheat futures on Wednesday retreated on profit taking after this week's spike on winterkill fears. Rumours continued of China buying a cargo or two of US wheat this week - first centering on spring wheat out of the Pacific Northwest and then SRW on Wednesday. FOB Gulf soyabeans for February loading were unchanged at 85 cents over CBOT March, which closed 1/2 cent up at $10.56-1/4. Traders were encouraged by China's soyabean buying of more than 300,000 tonnes of old-crop this week. FOB Gulf corn for February loading was steady at 64 cents over CBOT March, which ended 8-3/4 cents down at $3.96-1/4. Domestic demand for the record US crop remains steady, with this week's cold snap adding to feed demand.
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