US FOB Gulf corn and soyabean basis held steady on Friday after falling earlier in the week due to a seasonal slowdown in export demand, traders said. Soft wheat basis values held steady after falling earlier this week due to competition from other wheat-exporting countries and Asian buyers having covered much of their grain needs for 2008.
HRW wheat values were also steady, supported by a fresh wheat tender from Iraq that was set to close March 15. Soyabeans delivered to Asia from South America are currently at least 75 cents a bushel cheaper than US supplies, traders said. The slowdown of business happens each year, with sales expected to increase in the fall when the United States harvests a new crop.
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