US FOB Gulf soyabean and corn basis offers held steady on Wednesday but exporters were reluctant to sell grain for July shipment due to flooding cutting off shipments from the upper Midwest, traders said. World wheat trade active with Egypt's GASC tendering for July shipment and Iran buying up to 1 million tonnes of Canadian wheat.
US wheat too expensive to compete. High corn prices stalling export demand and causing buyers to switch to cheaper feed wheat. Bids for corn barges south of St. Louis at a 24-cent a bushel premium to paper bids for June or July shipment. Exporters buying as much corn via railroad as possible and switching some vessel loadings from New Orleans to Galveston, Texas.
US soyabeans becoming more competitive as Brazilian prices jump $15 per tonne in two days due to continued farmer strife in Argentina, traders said. At least two weeks before the Mississippi River fully reopens and harbour in St. Louis expected to close for at least five days on Thursday, cutting off barge traffic from the Missouri and Illinois rivers. Only Ohio River will still be able to ship grain to the Gulf.
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