Soft red winter wheat export premiums at the US Gulf Coast declined on Friday on weak export demand and rising supplies from an accelerating harvest, traders said. Hard red winter wheat premiums were steady to weak, also pressured by rising supplies of newly harvested grain. US wheat was struggling to compete on the global market as rival exporters in Europe and the Black Sea region offered grain at lower prices.
China this week made a rare French wheat purchase and was inquiring about prices for Canadian wheat. China has already booked large wheat purchases from the United States but the buying interest was muted this week by a jump in prices. An Iraqi tender to buy at least 50,000 tonnes of wheat closes on Sunday. Traders said US HRW wheat was not competitively priced compared with other origins.
US corn export premiums at the Gulf were flat on tight nearby supplies and sluggish export demand due to uncompetitive prices, traders said. Egypt, the world's top wheat importer, will resume purchases from the international market by the end of 2013, the vice chairman of the state grain buyer said. India may consider allowing an extra 2 million tonnes of wheat exports next week. Corn offers in Ukraine were at a 54-cent-per-bushel discount to US corn prices, equivalent to discount of $1.2 million per bulk grain vessel, a trade source said.
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