US FOB Gulf wheat basis offers were steady to lower after the close on Tuesday with Egypt's passing on US wheat in its overnight tender, traders said. Soyabean offers were steady to higher after more weakness in futures while corn offers were unchanged after futures set contract lows overnight. FOB SRW wheat for July/August were unchanged at 95 cents over CBOT September futures. But September was offered 5 lower at 95 over September futures while November-December offers were also 5 lower at 105 over CBOT December.
Egypt's GASC bought 240,000 tonnes of Romanian and Russian wheat from $251.87 to $252.75 a tonne FOB for August 11-20 shipment. US SRW offers were at $259 a tonne. Traders said this week's sharp break in prices would have to continue for US wheat to grab Q4 business from Egypt, the world's largest wheat buyer. HRW FOB offers from the Gulf were unchanged for July through September, with September at 155 cents over KCBT September. But October-November offers were down 6 cents at 162 over KCBT December, putting all OND offers at that level.
Soyabean offers for July were unchanged at 100 cents over CBOT July but September offers were up 10 cents at 180 over CBOT November. October was unchanged at 150 over futures but November was up 5 at 130 over futures. The bearish USDA stocks and plantings data released on Monday continued to weigh on futures. The implications of USDA raising soyabean acres almost 3 million is changing calculations about booking OND cargoes on prospects for a record harvest. FOB corn offers were steady with July at 95 over CBOT July futures and August/September at 85 over September. With new contract lows in corn on Tuesday traders reported fresh interest in old-crop corn that was supportive to the basis as US corn competes with Argentina and Brazil.
