US FOB Gulf wheat basis offers firm

US FOB Gulf wheat basis offers were firm for nearby loadings after the close on Friday with disruptions out of the Pacific Northwest supporting prices, traders said. Corn and soyabean basis were unchanged with a firm tone after last week's heavy export commitments carried over to this week, which was led by China's huge soyabean program. Traders said the situation at United Grain export terminal at the Port of Vancouver in Washington may continue to disrupt trade into east Asian customers for awhile.
Taiwan avoided US origin in its tender overnight, with traders citing the standoff between UGC and the longshoremen union which has been going on for 17 months. The latest issue is state grain inspectors are no longer showing up at the terminal, thus delaying export shipments and raising concerns about August shipments, a spokesman for United Grain said. China bought another 360,000 tonnes of 2014/15 soyabeans in the past day, the USDA said after booking nearly 1.5 million tonnes last week based on Thursday's USDA commitment report.
FOB HRW basis offers for August at the Texas Gulf were up 5 cents at 160 cents over KCBT September and September quotes were up 5 cents at 165 cents over KCBT September. US Commodity Credit Corp said it will tender for 18,800 tonnes of spring wheat for Kenya for September 2-16 loading on July 30. FOB SRW August offers at the Louisiana Gulf were also up 5 cents at 100 cents over CBOT September and September was unchanged at 107 cents over futures.
Wheat, like corn and soyabean markets, continues to be underpinned by the volatile but firm logistics for rail and barge freight which have been triggered by China's recent commitment for soyabeans and growing expectations for a record soyabean and corn harvest this fall. But traders said both corn and beans quieted down on Friday from the hectic pace of the last couple weeks.
FOB September soyabeans quotes were unchanged at 210 cents over CBOT November futures with October also unchanged at 190 cents over. FOB corn for August and September were steady at 145 cents over CBOT September. Besides the soyabeans sale to China USDA also said that overnight exporters sold 269,084 tonnes of corn to Mexico, all new crop except 23,368 tonnes of old crop. Mexico also booked 134,700 tonnes of soyameal for new-crop delivery, USDA said. CCC on Friday said it will tender July 30 for 39,140 tonnes of sorghum for September 2-16 loadings for Zimbabwe, Sudan and other east Africa ports.