US FOB Gulf soyabeans fall; corn, wheat unchanged

US FOB Gulf soyabean basis offers fell on Tuesday along with futures as easing export interest from China after this season's record pace and a softer barge market weighed on sentiment, traders said. Corn and wheat FOB basis values were mostly unchanged, with corn inquiries steady from traditional customers while interest in US wheat remains thin.
Export demand for both grains - especially wheat - has been disappointing this season as world buyers are sourcing cheaper grain from the Black Sea, Russia and Europe. FOB Gulf soyabean offers for December were down 5 cents at 110 cents over and January shipments fell 8 cents to 102 cents over CBOT January, which ended 16 cents lower at $10.23-1/2 per bushel.
Signs continue that China's buying has peaked for the 2014/15 marketing year, traders said. During a Chinese trade delegation meeting in Chicago on Tuesday, companies signed purchase agreements for more than one million tonnes of US soyabeans - but all were for 2015/16. The huge US soyabean purchases made during the past month are now arriving in China and traders said they are waiting to see how the huge volumes will be absorb.
FOB Gulf corn for December was unquoted and January-February-March were all steady at 70 cents over CBOT March, which ended 2-1/2 cents down at $4.06. Expectations China will soon formally approve Syngenta's banned corn strain MIR 172 for import, possibly as early as Wednesday raised some hopes China will soon resume importing US corn, traders said.
Exporters were also closely tracking the financial turmoil in Russia and signs for any interruption in its wheat exports. The tumble in the rouble has made Russian grain cheap on the world market, pushing wheat exports to a record high this year, but government officials said they are looking to restrict grain exports amid inflationary worries. HRW FOB offers at the Texas Gulf December through April held at 145 cents over KCBT March, which closed up 7-3/4 cents at $6.54-3/4. FOB Gulf SRW wheat offers were also steady for December and January shipments at 140 cents over CBOT March , which closed 4-1/4 cents higher at $6.23-1/4.