US Gulf FOB corn basis offers lower on Tuesday amid ample supplies following stepped up farmer selling and a lack of fresh demand, dealer said, adding that soyabeans were mostly steady.
Hard red winter wheat basis offers were supported by a tender from the Grain Board of Iraq to buy 200,000 tonnes of hard milling quality wheat for July, August shipment.
The hard wheat market is also waiting for results of the United Nations World Food Programme tender to buy 630,000 tonnes of wheat for Iraq. The tender closed on Tuesday and results are expected on Thursday, dealers said.
FOB corn basis offers were lower, weighed by ample supplies in the pipeline following stepped up farmer selling from last week. A lack of fresh export demand also weighed on values.
"There's enough in the pipeline," one dealer said, adding that shippers were lowering offers to draw importers.
CIF March/April corn basis values however were higher after falling sharply Monday due to stepped up farmer selling.
One dealer said CIF corn basis values were higher in adjustment to the lower CBOT futures.
FOB soyabean basis values were steady, but dealers said high prices kept most buyers on the sidelines.
Soy values in the CIF barge market, which feeds exporters at the US Gulf, fell back after rebounding earlier in the day.
"There was only one buyer, and the market fell after he bought one, two barges," one dealer said.
Earlier in the day, CIF March/April soya bids rose 5 cents a bushel while offers were up 6 cents. May bids rose 6 cents, and offers by 4 cents.
In the afternoon, March bids fell 4 cents and April bids were down 6 cents. There were no March/April offers.
Dealers said South Korea's CJ Corp passed on its tender to buy 210,000 tonnes of US soyabeans, citing high prices. The tender was set on Monday when CBOT futures rallied sharply.
It sought four cargoes of 52,500 tonnes each for shipment September 1-20, September 15-October 5, October 1-20 and October 15-November 5.
Dealers said export demand for soyabeans remained thin amid the high prices, adding that there was no spill-over business from Brazil, whose main port has been shutdown by a strike.
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