US FOB Gulf corn and soyabean basis offers held mostly steady on Wednesday amid little fresh export demand but heavy line-ups of vessels for loading of previous sales, traders said. Wheat values held steady amid talk that Iraq might issue another wheat tender this week.Results of CCC sale of 250,000 tonnes of wheat from Bill Emerson Humanitarian Trust expected Thursday.
Lock 17 on the upper Mississippi River remained closed for a second day due to high water. The lock was expected to reopen Friday. Six northbound vessels and one southbound vessel with barges in tow were waiting to pass through the lock. Corn export demand has been weak, with no large sales since late last week, traders said.
CIF corn has traded lower each day this week, with afloat barges trading at 26 cents and 28 cents a bushel over CBOT May on Wednesday. Soyabeans were seeing little export demand but strong demand from interior processing plants. Argentine farmers could back on strike May 2 as talks stall with the government. Oilseed exporters and crushers were stocking up on supplies ahead of possible disruptions.
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