US FOB Gulf corn and soyabean basis offers were steady to lower on Wednesday, weighed by sluggish export demand and higher CBOT futures, traders said. Barge freight bids were lower at St. Louis on the lower Mississippi River, Illinois and Ohio rivers as a slowdown in grain movement dampened demand from shippers. Hard red winter wheat basis offers were higher, supported by slow farmer selling amid rain delays to the Texas harvest. He said a train-load of HRW wheat with 11 percent protein traded at 93 cents a bushel premium the KCBT July.
Traders said HRW wheat prices were also supported by demand from exporters who needed supplies to fill vessels waiting at the Texas gulf, especially for shipment to Nigeria.
The Commodity Credit Corp has set a tender for Thursday to buy 60,000 tonnes for Eritrea.
Soyabean basis values were steady to lower, with higher CBOT futures keeping a lid on demand.
A Taiwanese company bought 60,000 tonnes of Brazilian soyabeans for July 8 to 22 shipment, priced at $1.325 per bushel premium the CBOT September on a cost-and-freight basis.
Traders said US offers in the tender were about 38 cents a bushel higher than Brazil's winning offer on a cost-and-freight basis, or cost an additional $800,000.
Most of the world's importers have made the seasonal switch to South American supplies, with only those who prefer the quality of US supplies shopping in the United States.
Sluggish export demand pressured corn basis offers. The market was also abuzz with confirmation of the detection of unapproved biotech Bt-10 corn in Japan, adding that Tokyo will now inspect all US corn shipments to the country.
The corn variety was grown between 2001 and 2004 in the United States and was mistakenly commingled with other seeds produced by Swiss agro-chemicals groups Syngenta.
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