CIF Gulf corn and soya steady, freight holds

US CIF Gulf corn and soyabean basis values were mostly steady on Monday, with traders keeping an eye on low water on the lower Mississippi River.
Traders said no grain elevators in Indiana and Kentucky were affected by a tornado that tore through the region early on Sunday, killing 23 people and injuring more than 200.
"It missed our elevators," a southern Indiana trader said, adding that there was also no disruption to barge traffic.
He said barge freight was steady after picking up late last week amid low water on the lower Mississippi River.
Traders said barge freight could increase if water levels on the Mississippi River continue to fall and further draft restrictions are imposed, leading to small loads.
Grain movement was generally slow, with most farmers having completed their harvest and storing their grain as they waited for higher prices for deferred sales.
Soft red winter wheat basis values were firm amid slow farmer selling, traders said, adding that the "carry," or higher prices for deferred sales, was keeping movement slow.
Traders said SRW wheat prices were also supported by light export interest, and demand from grain companies that need to fill export orders.
Hard red winter wheat basis values in the track market were steady after slipping last week amid lower rail freight rates.
Prices were underpinned by USDA confirmation of the sale of 800,000 tonnes of HRW wheat to Iraq, with traders expecting the sale of another 200,000 tonnes to be confirmed this week.
Corn basis values were supported by routine demand, especially from Asia but traders continued to keep an eye on the spread of bird flu in the region, which has already cut corn imports from Indonesia.
Soyabean basis values were steady, supported by Asian demand but interest from Europe was sluggish, traders said, adding that European importers had booked large quantities from South America earlier in the year when prices were low.
Traders were expecting continued demand from China, which is believed to have bought about seven cargoes last week.