Export premiums for wheat shipped from the Gulf Coast were level on Friday on limited demand for US supplies amid competition from less expensive grain from rival exporters, traders said.
Benchmark US wheat futures on the Chicago Board of Trade plunged 6 percent this week on beneficial rains in the winter wheat belt, but a strong dollar continued to hurt export prospects, traders said.
Egypt's GASC set a tender on Friday to buy wheat on the international market for shipment in early June. Results of the tender are expected Saturday.
Traders said US wheat was not expected to be offered at competitive prices in the GASC tender, with French or Black Sea wheat likely to win the business. Also, some US exporters may be reluctant to offer low prices due to Egypt's strict quality specs, traders said.
FOB Gulf soyabean basis offers were steady to firm, with old-crop values supported by thin supplies at the Gulf and concerns that a slowdown in South American shipments could shift some demand to the United States, traders said.
Soyabean exporters are monitoring labor issues in South America as Brazilian truckers could renew protests over compensation next week. There is also talk of a possible Argentine port strike next week, traders said.
FOB Gulf corn basis offers were unchanged amid routine demand for summertime shipments by regular importers of US corn, traders said.
Slow farmer selling of corn this week kept a firm floor under CIF corn barge basis values at the Gulf, which has underpinned FOB values.
FOB Gulf corn for first-half May shipment was offered at 75 cents over CBOT May futures, which closed 3-1/2 cents higher at $3.79-3/4 a bushel.
FOB Gulf May soyabeans were offered 82 cents over CBOT May, which closed 2-3/4 cents higher at $9.68-3/4.
FOB Gulf SRW wheat for April shipment was offered at 110 cents over CBOT May futures, which closed steady at $4.94-1/2. May shipments were offered 105 cents over futures.
FOB Gulf HRW wheat offers for April and May were 130 cents over KCBT May futures, which ended a penny higher at $5.09-1/4.
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