FOB Gulf corn and soya steady

11 Aug, 2004

US FOB Gulf corn basis offers were steady while soyabeans were mostly weak on Monday, with both markets lacking fresh export demand, dealers said.
Hard and soft red winter wheat basis offers were higher as Egypt's General Authority for Supply Commodities (GASC) set a tender to buy 50,000 to 60,000 tonnes of wheat for September 11 to 20 shipment. GASC sought offers from the United States, France and Australia. Results are scheduled for Tuesday.
Dealers said they were optimistic GASC would buy at least one cargo of US soft red winter wheat because it was competitive with French soft milling wheat.
Pakistan said it bought 484,700 tonnes of milling quality wheat from the United States, Australia and Russia at prices ranging from $198 to $217 per tonne cost-and-freight (C&F).
The Trading Corp of Pakistan did not give a sales breakdown by country, but US traders said TCP bought 84,000 tonnes of US wheat; 150,000 tonnes of optional US, or Australian or Canadian wheat; 150,000 tonnes from Russia and 100,000 tonnes from Australia.
One trader said Russian wheat was priced the lowest at $198.30 per tonne on a C&F basis. By comparison, the best US wheat offer was quoted at $214.11 per tonne.
Dealers were expecting stiff competition from Eastern European wheat exporters this year amid higher output in the region and their need to ship grain quickly after harvest because of insufficient storage.
Corn basis offers were steady, underpinned by rising barge freight on rivers transporting grain to export terminals at the Gulf of Mexico ahead of the harvest in September.
The grain industry is expecting record corn and soyabean harvests this year.

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