US Gulf CIF corn and soyabean basis barge values held steady Monday morning as China continued to buy more cargoes of US soyabeans, traders said. Wheat values were unchanged amid news of Jordan buying hard wheat and India evaluating bids in its latest tender.
Jordan's state grains buyer has purchased 85,000 tonnes of hard wheat in a tender for 100,000 tonnes which closed on Sunday, European traders said Monday. Traders speculated the wheat would probably come from Russia. India received offers to supply it with wheat at $397 to $487 per tonne in its tender for 350,000 tonnes. Cargill Inc was the lowest bidder.
India will not purchase US wheat due to issues over weed seeds. However, any purchase would benefit US wheat by further tightening world supplies available for export, traders said. CIF soyabean basis values for December shipment forward remained firm due to recent buying by China that was expected to continue. Nearby values were weak, with traders having adequate supplies for the rest of November.
USDA said China bought 221,000 tonnes of US soyabeans. US weekly export sales made a marketing-year high last week amid strong buying by China. Corn export demand held steady, supported by tight loading capacity at the Gulf. South Korea bought 385,000 tonnes of US corn over the weekend and Morocco was seeking to buy 70,000 tonnes.