Soyabean and corn offers at the US Gulf Coast for April/May strengthened on Wednesday, narrowing the premium quoted on nearby shipments. Exporters also cited steady interest in new-crop, both corn and soyabeans. Wheat basis offers were unchanged late Wednesday after Egypt's GASC announced it was shopping for wheat to be shipped in the second half of March.
Chances were slim for US exporters to win any of the GASC business given the higher freight to move grain to Egypt from the United States versus the Black Sea region, exporters said. In Egypt's last tender, the freight component was around$16-$17/tonne from Russia and $35-$40/tonne from the US Gulf.
FOB to FOB, US soft red winter wheat is about $10/tonne cheaper but US exporters are not posting March offers. Argentine also is not quoting March. But Argentina approved export licenses for additional 500,000 tonnes wheat for the 2013/14 crop year, bringing the total to 1 million. US wheat futures market tumbled late on expectations of the announcement. CBOT March closed 15 cents lower at $6. US Department of Agriculture early Wednesday confirmed a recent sale of 101,600 tonnes of corn for 2013/14 to unknown destinations.
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