US FOB Gulf soyabean basis offers eased slightly from lofty levels late Friday, while wheat values were softer after futures rallied on heightened political tensions between Russia and the Ukraine, traders said. FOB corn was steady after a firm close in futures. Continued strong interest for soyabeans by China buyers remains supportive to US cash markets but exporters backed off their September-October-November offers by 5 cents on Friday, after a steady rise over the past couple weeks.
September/October/November soyabean offers were 235/175/160 cents over CBOT November futures, which ended 4 cents lower at $10.52 a bushel. USDA early Friday confirmed China bought another 110,000 tonnes of 2014/15 soyabeans within the past day. FOB corn values were steady after futures closed the week higher - the first time in two months. Exporters struggle to book fresh sales as Argentina and Ukraine is offering cheaper corn, traders said.
FOB Gulf corn for August and September loadings were unchanged at 135 cents over CBOT September futures and O/N/D offers held at 136 cents over December futures. September corn ended 3-3/4 cents higher at $3.65-3/4. Hard red winter wheat basis offers at the Texas Gulf fell 5-10 cents after futures closed higher, while SRW offers were generally steady. Interest in US wheat was lackluster this week, traders said.
"It's been one of the slowest weeks we've had in a long time," one wheat exporter said. HRW wheat basis offers for August were nominally quoted, down 5 cents, at 155 cents over KCBT September futures and September was down 5 cents at 160 cents over September futures. October fell 10 cents to 175 cents over KCBT December futures. KCBT September wheat closed 11-3/4 cents up $6.19-3/4.
FOB Gulf soft red wheat August offers were thinly quoted at 130 cents over CBOT September futures and September offers fell 5 cents to 130 cents over futures. October was quoted at 150 cents over CBOT December futures and November-December loadings were 175 cents over futures - all unchanged.
CBOT September wheat closed 14 cents higher at $5.51-1/4, with the September-December spread tightening - surprising some cash traders given expectations for tight storage this fall when farmers harvest likely record large corn and soyabean crops. The annual ProFarmer crop tour across seven Corn Belt states begins on Monday with scouts expecting some big yielding corn and soyabean fields.
