US FOB Gulf soyabean offers rose for a second day on Friday due to tight supplies, while corn offers weakened ahead of the southern corn harvest and due to weak export demand, traders said.
Soyabean prices in the interior barge market remain inverted with nearby soyabeans trading at 70 cents a bushel premium to CBOT August on Friday, up from traders on Thursday of 65 cents over, traders said. China making routine purchases of mainly South American soyabeans despite prices hovering near their record high.
Argentine farmers reluctant to sell soyabeans due to uncertainly over export taxes being discussed in the senate. Vote expected next week. US corn exports slow due to feed makers switching to wheat. South Korea bought 165,000 tonnes. Argentina aggressively selling corn ahead of the expiration of export licenses at the end of July.
Several countries seeking wheat as Chicago futures fall to around $8 from more than $12 a bushel earlier this year. Iraq tender closing this week with some US HRW wheat expected to be purchased.