US Gulf corn and soyabean basis offers were mostly steady on Wednesday, with soya prices in the CIF barge market slumping after Tuesday's rally.
Barge freight on rivers shipping grain to the Gulf was a touch lower after posting strong gains since Friday as the pace of movement from farmers and elevators slowed, traders said.
Offers for October on the Illinois River were down 5 to 10 percentage points, and down 10 points on the Lower Ohio River. At St. Louis, offers were down 10 to 15 percentage points.
There was talk that China had delayed shipment of at least two soyabean cargoes from October or first-half November to last-half November after a recent surge in prices.
Traders said soyabean sales by two exporters in the CIF market weighed down basis values, with October bids dropping 8 cents on Wednesday morning from Tuesday. Offers were down 10 cents.
Late on Wednesday, October CIF bids rose 1 cent higher at 63 cents a bushel premium the CBOT November. Offers were steady at a premium of 70 cents over, traders said.
FOB corn basis offers were steady, while prices in the CIF market were steady to higher, recovering slightly from pressure on Tuesday amid increased movement, traders said.
They said October CIF corn traded at 33 cents a bushel premium the CBOT December, while November corn traded at a premium of 35-1/2 cents a bushel.
Traders said hard red winter wheat basis values were underpinned by tight supplies. They said there was some spill-over demand from buyers of high-protein spring wheat due to crop damage in leading producer Canada.
"There's a play for quality wheat," a trader said.
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