US CIF Gulf corn basis offers were steady to lower on Monday amid slow exporter demand, while soyabeans were mostly steady. Traders said barge freight was lower as the market eased from record highs posted in recent weeks amid tight supplies of empty vessels in the aftermath of Hurricane Katrina.
Grain movement was generally slow, with farmers harvesting their corn and soya crops in the Midwest.
"Movement is mediocre," a southern Indiana river trader said, adding that the "carry," or higher prices for deferred sales, was likely to keep movement slow.
He said a farmer selling corn for delivery in January will get 36 cents a bushel more than the current price. The trader said high loan deficiency payments were also curbing movement.
The trader said loan deficiency payments on corn were around 45 cents a bushel of corn in his area.
Hard red winter wheat basis values were steady, supported by active export interest and high rail freight rates.
European traders said Iraq had set a tender to buy 150,000 tonnes of hard red winter wheat and 60,000 to 100,000 tonnes of rice, but did not specify the origin.
There had been talk in the US market that Iraq was about to set a tender to buy wheat.
Soft red winter wheat was steady, but the market remained under pressure from a lack of export demand.
Soyabean basis values were steady, supported by export demand, especially from top importer China. Traders said processors from China bought three to four cargoes last week.
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