US CIF Gulf corn and soyabean basis values were mostly steady on Monday, supported by firm barge freight as the harvest advanced, traders said.
Barge freight was supported by demand from shippers booking vessels amid expectations that grain movement will increase as the Midwest corn and soya harvest progressed.
There were overnight rain delays in parts of the Midwest, but they were not significant enough to affect prices.
"We bought some beans," a southern Indiana river trader said, adding that the harvest there advanced under mostly clear skies. "We didn't buy much corn," he added.
Traders said the large 'carry', or higher prices for deferred sales, was keeping a lid on corn movement.
They said corn sold in December or January was priced about 50 cents a bushel more than current prices at some spots.
Traders said corn export demand was sluggish, especially for October shipment due to grain elevators still running below normal pace in the aftermath of Hurricane Katrina.
Export demand for soyabeans was also thin, especially with top buyer China shut this week for national holidays. Processors from the country had purchased several cargoes last week, mostly for shipment from the Pacific Northwest.
Hard red winter wheat basis values were steady, supported by export demand, traders said. Export shipments from the Texas Gulf were returning to normal after Hurricane Rita.
Soft red winter wheat basis values were steady, but the market was under pressure from slow export sales.
Traders said Friday's sharp rally in CBOT futures had further eroded SRW wheat's competitiveness, adding that French wheat was much cheaper due in part to export subsidies.
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