US CIF corn barge basis values were firmer Thursday on continued strong export demand, while soyabeans held steady, traders said. Hard and soft red winter wheat values were steady amid recent purchases by Iraq, Egypt and South Korea.
Egypt's GASC on Wednesday said it bought 175,000 tonnes of wheat, including 55,000 tonnes of US soft red winter wheat, for $225 per tonne FOB for August 5-15 shipment.
GASC has tendered frequently the last few weeks, which traders said was due to tight world wheat supplies and recent declines in wheat futures. In the previous tender, GASC paid $228.10 to $230.99 per tonne FOB for US SRW wheat but paid as little as $210.67 on June 23.
USDA announced Thursday that Iraq purchased 100,000 tonnes of US HRW wheat for shipment in the crop year that started June 1. Iraq was expected to buy a total of 300,000 tonnes of wheat from the US and Canada in its most recent tender, traders said.
CIF corn basis values have firmed all this week on strong export demand due to recent drops in futures prices. However, recent surges in ocean freight could quickly cool buying interest, traders said.
Corn for shipment in the first half of July was bid 44 cents a bushel premium to CBOT September, up from bids of 40 cents over on Monday. Basis bids for other shipment periods have increased a similar amount. CIF soyabean basis values have changed little this week. Export demand was weak due to cheaper supplies in South America.
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