September 17, 2003
Corn, Soy Remain Steady Despite Growing Harvest
U.S. FOB Gulf corn and soybean basis offers held steady on Tuesday, as the growing harvest added supplies into the market, dealers said.
Soft and hard red winter wheat basis values were steady, picking up as farmers began clearing their stocks to make room for the corn and soybeans.
Harvest pressure also weighed on CBOT corn and soybean futures, with profit taking weighing on soy.
"The harvest is progressing," one soybean dealer said, adding that export demand was low despite the CBOT November contract falling 8-1/4 cents to $6.10-3/4.
There was little talk of interest from China, the world's top soybean importer as its own farmers geared up for harvest.
Chinese appetite for soybeans appear reduced in recent weeks due to rumours of Beijing wanting a slow down in imports to stabilise domestic prices.
Corn dealers said Japan, the top U.S. export destination, was showing interest in supplies for November/December shipment as CBOT futures declined steadily.
One dealer also said that Saudi Arabia has shown interest.
Taiwan bought 56,000 tonnes of U.S. corn overnight for November shipment at $135.40 per tonne C&F.
The wheat market was quiet one day after Egypt's General Authority for Supply Commodities (GASC) bought one cargo each of soft red winter wheat, hard red winter wheat and soft white wheat, totalling 180,000 tonnes.