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US Gulf CIF soyabean basis values were firm on Friday, supported by export sales and expectations for demand, while corn was steady, traders said. USDA reported the sale of 253,000 tonnes of US soyabeans to China for delivery in the 2008/09 season starting September 1 Soya prices also supported by slow farmer selling, with most producers focused on planting their corn crop.
Rains and soggy fields in parts of the eastern Midwest kept some farmers away from planting. Argentine farmers resumed their strike, until May 21, in protest over higher export taxes for grains. There were expectations for the strike to shift some soya export business from Argentina to the United States.
Grain export prices at the Pacific Northwest were significantly lower than those at the Gulf. Barge freight was mostly steady at St. Louis, and on the Illinois and lower Ohio rivers. Hard and soft red winter wheat basis values were mostly steady; both markets lacked fresh export interest. Ukraine has begun offering milling and feed wheat from the 2008 crop for export.

Copyright Reuters, 2008

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