FOB Gulf Grain-Soy firm, corn/wheat steady as futures fall more

CHICAGO, July 10 (Reuters) – U.S. FOB Gulf soybean basis offers were steady to firmer after the close on Thursday, with the drop in futures prompting more inquiries for new-crop soybeans, traders said.

* FOB corn and wheat offers were mostly steady against a backdrop of lower futures and new contract lows.

* High waters on interior rivers in the northern Corn Belt are keeping barge traffic halted on the Mississippi River north of St. Louis which is supportive for all basis markets.

* With inquiries from China for new-crop soybeans still strong, traders lifted U.S. new-crop basis offers. September held firm at 180 cents over September futures and October was marked 10 cents higher to 160 cents over November futures. New-crop November offers was up 3 to 127 cents over November futures. The USDA announced more new-crop sales on Thursday of 118,000 tonnes to China and 66,000 tonnes to unknown destinations. USDA also said 60,000 tonnes of old-crop was sold to unknown.

* CBOT August soy closed 13-3/4 down at $12.32-3/4. November soy ended 10-3/4 lower at $10.93.

* New-crop commitments accounted for the bulk of last week’s export soybean sales – 526,500 tonnes, with nearly 400,000 booked by China. Old-crop sales were 56,300 tonnes, up 39 percent from the week before.

* FOB Gulf corn held firm, underpinned by steady demand and firmer CIF values, partially due to restricted barge movement given high river levels.

* Corn values for August through December held steady, with Aug/Sept 100 cents over CBOT September futures and O/N/D slots 100 over December futures. CBOT September corn closed 5 lower at $3.86-1/4.

* Net 2013/14 corn export sales of 363,000 MT for week ended July 3 were up 36 percent from the four-week average even with cancellations of 60,600 by China and 424,900 tonnes by unknown. Export shipments were big at 1.2 million tonnes.

* Weekly U.S. wheat export sales of 338,100 tonnes were disappointing, with only 97,400 tonnes of HRW sales. Brazil was the top HRW buyer with 50,500 tonnes. Hard red wheat shipments of 63,094 tonnes were the smallest weekly total since January 2013, according to USDA data.

* SRW sales were nearly as large at 92,000 tonnes and included 68,300 sold to Saudi Arabia and 60,000 tonnes to the Philippines. Traders said it been about six years since the U.S. sold SRW to the Philippines.

* SRW wheat basis offers were steady late Thursday. August loadings were 90 over CBOT September futures and Sept was 95 over futures. Texas Gulf HRW July offers were thin, quoted unchanged at 150 over KCBT September. O/N/D slots were also steady at 175 over KCBT December futures.

* CBOT September wheat closed 2-3/4 lower at $5.48-1/2 and KCBT September wheat ended 6 down at $6.47-1/4.

(Reporting by Christine Stebbins; Editing by Cynthia Osterman)

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