US FOB Gulf corn and soyabean basis offers were steady in very quiet dealings Monday, traders said. Business was slow to pick up after the weekend. Country movement of soyabeans slowed from last week's active levels, and both corn and soyabean movement was slow on Monday as futures prices declined. CIF Gulf soyabean basis levels offers eased on Monday and corn CIF values held mostly steady in quiet markets amid thin export demand.
Barge freight rates continued to weaken after dropping sharply late last week as more empty barges became available to the market.
On the Mississippi River at St. Louis, barge freight for this week was bid at 300 percent of tariff, down from 320 percent late Friday, while offers of 310 percent were down from 340 percent.
The US Department of Agriculture reported soyabean export inspections of 25.7 million bushels for the week ended March 3, within trade expectations of 25 million to 28 million.
Corn export inspections of 33.6 million bushels were above trade estimates which ranged from 27 million to 30 million bushels.
FOB Gulf hard red winter and soft red winter wheat values were very poorly defined in quiet trading.
Export business was slow. In its weekend tender, Egypt bought 60,000 tonnes of French milling wheat at $129.95 per tonne FOB, disappointing the US market.
USDA wheat export inspections of 11.3 million bushels was well below trade estimates of 22 million to 24 million bushels.
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