FOB Gulf corn values were steady to firm and soyabeans steady while Egypt's GASC put out a tender for August wheat cargoes after the close of Chicago futures, traders said on Friday. FOB Gulf corn for July was offered 5 cents higher at 90 cents over CBOT July futures, which rose 2-3/4 cents to close at $4.53-1/4. US corn for August near $205 a tonne FOB is still about $4 cheaper than Brazilian corn but a little bit higher than Argentine quotes for July.
US crop prospects continued to improve and spurred scattered farmer sales of old-crop corn supplies late this week. July FOB soyabean offers were unchanged at 92 cents over July futures, which fell 5 cents to close at $14.15-3/4 on Friday. New-crop values remain steady to firm with last-half September loadings at 160 cents over November futures and October at 122 cents over November. The USDA announced another new-crop sale on Friday of 110,000 tonnes to unknown destinations.
Traders lifted offers for December soyabean loadings 1 cent to 108 cents over CBOT January futures as new crop remains supported by steady customer inquiries. CBOT and Kansas City wheat futures fell again on Friday, prompting GASC's latest tender for August 1-10 loading, traders said. GASC is looking for US SRW wheat or soft white wheat out of the Pacific Northwest along with other origins. FOB traders were quoting US soft red wheat for July at about $240 per tonne competitive with Black Sea wheat on Friday and a $15-$16 discount to French wheat. CBOT July wheat ended 8-1/4 cents lower at $5.85-1/4 while KC July wheat fell 8-1/2 cents to $7.20-3/4.
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