US CIF barge basis values for soyabeans were weak Monday, pressured by strong rallies in soyabean futures on Friday and in overnight electronic trading, traders said. Corn basis offers were steady to higher, supported by strong export demand.
Hard and soft red winter wheat values shrugged off a long-awaited sale to Iraq, a routine purchase by Egypt and a small sale to Guatemala of 105,900 tonnes. During the weekend, Iraq bought 300,000 tonnes of US hard wheat and was negotiating shipping terms, said trade sources. Egypt's GASC bought on Saturday 175,000 tonnes of US SRW wheat for July and August shipment and 130,000 tonnes of Russian wheat.
Egypt's GASC has seen the price of US SRW wheat rise steadily in each of its last three tenders as worries about tight global supplies sent futures prices soaring in June.
In the most recent tender, Egypt paid $228.10 to $230.99 per tonne FOB. Egypt paid $224.49 on June 27 and $210.67 on June 23. India is also tendering for wheat but is expected to buy from Canada and Europe. India will not accept US supplies due to issues over weed seeds. CIF soyabean values were weak, pressured by little export demand and soaring futures prices on forecast for a smaller-than-expected US crop.
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