FOB Gulf corn and soya steady

US FOB Gulf corn and soyabean basis offers were mostly steady on Thursday, supported by active export demand in both markets, traders said.
The traders said the USDA's corn and soya crop reports issued earlier in the day confirmed expectations that the agency would raise its output estimates from October.
"It was what we had expected," a Minnesota river trader said, adding that his grain elevator bought small quantities of corn and soyabeans despite lower CBOT futures on the day.
USDA pegged corn output at 11.032 billion bushels, up from October's 10.857 billion. It forecast soyabean production at 3.043 billion bushels, up from October's 2.967 billion.
Traders said grain shippers were paying premium prices for corn already loaded on barges south of Cairo on the lower Mississippi River.
Soyabean basis offers were steady, supported by brisk demand, traders said, adding that there was continued demand from China even as the country battles with bird flu. Hard and soft red winter wheat basis offers were mostly steady, supported by slow farmer selling and export interest.