- Once again we saw Egypt’s GASC return to the market, this time for wheat for late Jan ’14 shipment. The successful bids were made by Romania (again) and Russia, each securing 60,000 mt. Prices were about $6 to $7 higher than last week, basis C&F. French offers were some $8 to $10 higher, German even more expensive and the one US offer was good value on an FOB basis but freight killed it.
- Markets staged something of a “Turnaround Tuesday” with soybeans leading the advance, corn hot in pursuit and wheat failing to cross the gain line. To be fair our description suggests bigger moves than really took place in CBOT, these were in reality relatively small and reflect limited appetite at present.
- Suggestions that Argentine weather may be too hot and possibly drying too fast and that parts of Brazil are too wet lent a touch of support though it is our contention that it is possibly a little too early to get overexcited about adverse conditions in S America just yet.