US CIF Gulf corn basis values rose Monday due to higher barge freight and brisk export demand, while wheat and soyabeans were steady to higher, traders said.
Export demand for corn continues to keep basis levels firm. China halting export sales since March and limited supplies in Argentina are boosting sales of US corn.
Corn basis levels also got a boost from higher barge freight on Midwest rivers, although farmer selling remains sluggish.
On the Illinois River, nearby barges traded at 400 percent of tariff on Friday, compared with 390 percent on Thursday, said a freight broker.
Traded prices on the Mississippi River at St. Louis rose to 350 percent, compared with trades of 330 percent on Thursday, the broker said.
Soyabean values rose slightly in nearby shipment positions but were otherwise steady, traders said. Export demand remains weak due to cheaper supplies in South America.
Hard and soft red winter wheat values remained firm due to slow country movement and strong demand from domestic millers, trades said.
Millers limited the amount of wheat they bought for July and August shipment due to high prices and they are now scrambling to cover the rest of their needs, traders said.
With the harvest gaining speed, some elevators were beginning to load soft red winter wheat onto barges due to space constraints.
"We're filling every space we can for the carry but we just loaded a barge for space and we'll probably end up loading another one depending on how fast this stuff comes in," said a trader on the lower Ohio River.
Rain in the Midwest during the weekend slowed harvest activity, but forecasts called for hot and dry weather this week, which should help combines get back in the fields.
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