US Gulf FOB corn basis values were firm on Friday as high water on rivers hampered grain flow to exporters, while soyabeans were steady, traders said. Barge freight rates for next week were mostly higher amid tight supplies of empty vessels. High water on rivers was slowing traffic and the return of barges to the Midwest.
Freight offers on the Mississippi River at St. Louis rose 15 percentage points to 340 percent of tariff while offers on the lower Ohio rose 25 points to 325 percentage.
Traders said rates were steady on the Illinois River, where the US Coast Guard had advised mariners to reduce speed to avoid any damage to levees on the waterway.
Cuba bought at least 25,000 tonnes of hard red winter wheat for July shipment, and possibly another 25,000 tonnes for shipment for August, traders said.
HRW wheat prices have been supported by an increase in railcar rates, due in part to shippers switching from barges to railcars amid the river problems, the traders said.
Egypt's General Authority for Supply Commodities (GASC) set a tender to buy 30,000 to 60,000 tonnes of wheat from the United States, France, Canada, Australia, Russia, Syria and Argentina for February 16 to 28 shipment.
On December 30, GASC bought 345,000 tonnes of wheat from the United States, France and Argentina for February 1-15 shipment.
Soybean basis values in the CIF barge market tumbled early after rising sharply the past two weeks as vessel movement to the Gulf was slowed by rising water levels on rivers.
Traders said first-half January soybeans, which traded at a high of $1.00 a bushel premium the CBOT March on Thursday, was traded at a premium of 90 cents on Friday.
But basis values rebounded in the afternoon, with first-half January bids gaining 4 cents after losing 13 cents. Offers got back all of the 10-cent loss. Traders said losses in second-half January were also trimmed.
FOB corn basis offers were firm as high water slowed arrivals at the Gulf, traders said.
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