US FOB Gulf SRW wheat bids lower as demand weak

Basis bids for soft red winter wheat shipped by barge to the US Gulf Coast were steady to lower on Friday as higher futures prices this week weakened demand for US export shipments, traders said. FOB basis offers for SRW wheat loaded at the Gulf were unchanged in muted trade.
Hard red winter wheat export premiums held steady, with high-protein grades still commanding large premiums in the marketplace due to thin supplies. Chicago Board of Trade SRW wheat futures declined on Friday for the first time in seven sessions, while HRW wheat futures fell for the first time in five days. Both hit contract lows last week, which had ignited fresh demand in the export market.
Thai millers bought 150,000 tonnes of US wheat in recent deals, including spring and HRW, while SRW wheat export sales were boosted by feed demand in Asia. Bids for soft red winter wheat barges loaded in December were steady at 45 cents per bushel over CBOT March futures while January through March loadings were 50 cents over, down 2 to 5 cents. Trades in the past week were as high at 60 cents over futures, traders said.
FOB Gulf export offers for January shipments were flat at 70 cents over futures. December CIF hard red winter wheat bids were nominally unchanged at 225 cents over the K.C. March contract for 12 percent protein grain. January export offers were quoted around 240 cents over futures.
CIF Gulf corn and soyabean basis bids were mostly steady to firm, supported by a lack of farmer selling. Export premiums for both commodities were steady in slow pre-holiday trading. Grain markets will be closed on Monday for the Christmas holiday.