US FOB Gulf soyabeans for nearby loadings fell sharply on Monday, tracking the slide in CIF barge values which spiked higher last week on processor demand, traders said. FOB Gulf corn was softer after another week of ideal weather. Wheat values were generally steady in quiet markets with Egypt's GASC tendering for last-half September shipment overnight. But traders doubt US will get any of the business.
FOB Gulf September soyabean offers were marked 40 cents lower at 205 cents over November futures, which saw benchmark CBOT November ended 12-3/4 cents lower at $10.29-1/4 a bushel. Traders said CIF nearby barge values for soyabeans which spiked about 40 cents higher on Friday gave up all or more of those gains on Monday. But processors continue to search for old-crop beans, with the Decatur, Illinois processor bid up another 50 cents after Monday's close, traders said.
FOB Gulf soyabean October offers, which will tap into early Midwest harvest, were unchanged at 180 cents over November futures. But January offers were up 10 cents at 145 cents over January futures. USDA reported a larger-than-expected 145,161 tonnes of soyabeans inspected for shipment last week, with nothing to China. FOB Gulf corn for August/September offers were quoted 5 cents lower at 125 cents over CBOT September futures. O/N/D offers were also down 5 at 126 cents over December futures. CBOT September corn ended 5-1/2 lower at $3.60. USDA reported early Monday exporters sold 120,000 tonnes of corn to Columbia and 113,673 tonnes to Costa Rica - both for new-crop. Corn inspections for the week ended August 21 were 1.09 million tonnes. China, which has been avoiding US corn because of the GMO issue, took another small sample of another 2,498 tonnes last week. But China did take 222,404 tonnes of sorghum.
US wheat basis values were quietly steady as futures softened. Traders said US SRW what is roughly $10 per tonne too expensive to be competitive in the GASC tender, with Black Sea to hold the advantage in price and freight. Texas Gulf HRW August offers were 140 cents over and September loadings were 150 cents over September futures - both steady with Friday. October offers fell 10 cents to 165 cents over KCBT December futures. KCBT September ended 10-3/4 down at $6.22-3/4.
