March 14, 2012 / 10:13 PM / 5 years ago

FOB Gulf Grain - Wheat premiums steady, sales to Egypt possible

March 14 (Reuters) - U.S. wheat export premiums at the
Gulf Coast were near steady on Wednesday, with soft red winter
wheat values underpinned by hopes for another sale to top
importer Egypt, traders said.	
    * Egypt's GASC seeking wheat for May 1-10 shipment, with
tender results expected on Thursday. Traders
said U.S. SRW wheat and Argentine wheat offers would be the most
competitive. French wheat will likely be too expensive and Black
Sea wheat may not be offered.	
    * Trade awaiting result of Iraq's wheat tender which closed
on Tuesday. Confirmation said possible on
Thursday amid talk that Canadian and Australian wheat cargoes
were sold.	
    * Four German wheat vessels and one Russian wheat vessel
were in port lineups for shipment to Iran, a further
confirmation of recent sales that some traders were unsure would
be loaded and shipped, a trader said.	
    * Iran made inquiries about U.S. wheat prices on Wednesday
for April shipment, but it was not clear if any fresh deals were
signed, the trader said.	
	
    SOYBEANS, CORN	
    * Soybean export premiums at the U.S. Gulf Coast held mostly
steady on Wednesday on solid export demand, including some for
shipment this summer during the main South American export
season, traders said.	
    * More old-crop soybean sales to China expected amid crop
woes and logistical snags in South America, traders said.	
    * Analysts Agroconsult cut its Brazilian soy crop forecast
to 67.1 million tonnes, down from 69.9 million tonnes
previously. Other forecasters have also recently
lowered their forecasts, including closely followed crop scout
Michael Cordonnier on Tuesday.	
    * Port workers in Argentina suspended on Tuesday a
12-day-old strike that had delayed 85 grain ships.
 	
    * Brazilian soybean premiums up sharply at midweek,
underpinning U.S. old-crop values on ideas that demand for
summer shipments of U.S. soy would be stronger than normal.	
    * U.S. corn export premiums at the Gulf Coast were flat on
Wednesday amid quiet demand that has been muted by the recent
increase in prices, traders said.	
    * Corn export sales last week were estimated at 600,000 to
850,000 tonnes, analysts said ahead of Thursday's weekly USDA
export sales report. Soybean sales seen at 650,000 to 900,000
tonnes, wheat at 400,000 to 600,000 tonnes. 	
    * Rail permit embargo issued by BNSF Railway for shipments
to the Pacific Northwest due to track congestion caused by snow
and rain. Traders said the embargo had little to no market
impact as the backup was seen easing shortly as weather clears.
Much of the PNW demand for grain and soy was for May and beyond.	
    	
    To check displays of FOB basis, click on following:	
    U.S. FOB Gulf corn 	
    U.S. FOB Gulf soybeans 	
    U.S. FOB Gulf SRW wheat 	
    U.S. FOB Gulf HRW wheat 	
    	
    LINKS 	
    * FOB U.S. Gulf Grain                   	
    * U.S. grain export summary             	
    * Brazil soybean export prices          	
    * Brazil corn export prices             	
    * Argentine grain prices                	
    * Russian grain prices                  	
	
 (Reporting by Karl Plume in Chicago; Editing by Meredith
Mazzilli)

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