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US FOB Gulf corn values were slightly weaker on Tuesday, and soyabean basis offers were steady, amid very light export demand in both markets, traders said. Grain movement remained very light as weakening futures prices at the Chicago Board of Trade offered few incentives to producers who were otherwise focused on spring field work ahead of planting. Barge freight values continued to slip with little fresh supply coming into the pipeline.
On the Mississippi River at St. Louis, for this week, barge freight was bid Tuesday at 190 percent of tariff, down 20 points from Monday, and offered at 210 percent, down 15.
Freight offers have fallen sharply over the past week, pressuring grain basis values. Increasing supply of empty vessels has added to the pressure, traders said.
In the barge market, CIF Gulf corn values weakened slightly and put some pressure on FOB values late Tuesday as a large shipper sold some barges. Traders said March traded at 34 cents over the CBOT May, June traded at 30 over, and July traded at 30 over the July.
"That was the only feature in the corn market," said one broker.
Traders said interest in US soyabeans was slipping as South America's harvest brings more supplies to market. But some said that weather problems in the late stages of South America's crop development have sparked concerns that new-crop supplies there may not be of high quality, and this could keep interest alive for US beans shipped from the Gulf and the Pacific Northwest in the weeks ahead.

Copyright Reuters, 2005

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