US Gulf wheat export premiums were flat on Monday on weak demand for US supplies and lower futures prices, while corn and soyabean premiums held mostly steady, traders said. Egypt's GASC set a tender to buy wheat for shipment September 1-10. Results are expected Tuesday.
US soft red winter wheat is not expected to be competitively offered in the GASC tender despite a recent slide in prices as premiums for export-grade wheat are elevated following a rainy harvest, traders said. Black Sea region wheat is likely to be the least expensive grain offered, they said. Russian grain exports could rise by the end of July after the Customs Service introduced a simpler payment system for export taxes, industry sources said.
Demand for US corn was limited to regular customers. Mexican buyers inquired about September shipments, a trader said. Other global buyers have been looking to Brazil for cheap corn, which was offered at prices competitive with US corn through November. Ukraine may see its corn crop reduced this year by hot weather and drought in some areas.
FOB basis offers for July corn shipments were unquoted due to a lack of available loading capacity. Offers for August were around 60 cents over the CBOT September contract, which closed 15-1/4 cents lower at $4.05 a bushel. FOB Gulf soyabeans for August were offered at 90 cents over CBOT August futures, which closed 7 cents lower at $10.07-3/4 a bushel.