US Gulf corn and soyabean basis offers were mostly steady on Tuesday, but prices for soya in the CIF barge market soared on exporter demand.
Traders said barge freight on rivers moving grain to Gulf export elevators continued to edge higher for October amid stepped up movement by farmers and interior elevators.
Traders said freight at St. Louis was 15 to 25 percentage points higher, with offers for this week up 25 points at 400 percent of tariff. Offers on the Illinois River rose 25 points to 450 percent. Offers rose 5 points on the Lower Ohio River.
Traders said CIF soyabean basis values were sharply higher. October soyabeans traded at 78 cents a bushel premium the CBOT November, up 17 cents from Monday's closing bid. Offers were quoted at a premium of 80 cents, up 13 cents from Monday.
"Exporters are scrambling for beans, and farmers are not selling anything," a trader said.
Traders said demand was mainly from exporters who have orders to fill for last-half November shipment. Although there was a pick up in farmer selling after Monday's rally, demand continued to outstrip supply, the traders said.
The traders also said domestic processors were in competition with exporters for supplies.
Corn basis values in the CIF market were steady after weakening earlier in the day amid increased farmer selling.
Traders said two exporters were active sellers of corn in the CIF market because their elevators were filled to capacity and piles were beginning to form outside their facilities.
"They were selling because of the ground-pile," a trader said, adding that they were selling corn for October shipment.
Traders said October corn was traded at 32 cents a bushel premium the CBOT December, while afloat barges of corn were offered at a premium of 33 cents a bushel.
Soft red winter wheat for December shipment was traded at 68 cents a bushel premium the CBOT December. It was bid at a premium of 64 cents and offered at 72 over.
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