US soft red winter wheat export premiums at the US Gulf Coast held steady on Monday as Egypt issued a fresh tender to buy wheat on the world market, traders said. Hard red winter wheat export premiums were steady amid solid demand for higher protein wheat. Egypt's GASC seeking to buy soft and/or milling wheat for August 21-31 shipment.
Egypt appears likely to buy Russian wheat in its third consecutive tender as prices are estimated to be about $25 to $30 per tonne lower than comparable French and US wheat delivered to Egypt, traders said. Other outstanding tenders closing this week appear to favour Black Sea wheat, including tenders from Jordan and Syria. US corn export premiums at the Gulf Coast were lower on Monday, pressured by sluggish export demand and sinking CIF basis values, traders said. Elevated corn prices and strong competition from alternative feed grains such as feed wheat keeping a lid on demand for US corn, although regular buyers have booked purchases on price breaks, traders said.
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