US FOB Gulf corn and soyabean basis offers held mostly steady on Friday and have moved in a narrow range this week, traders said. Hard and soft red winter wheat basis offers were firm amid the strong export demand US wheat has seen in years.
In soyabean exports, there were signs that China was stepping back into the market after an absence of several weeks. Traders said China bought a few cargoes of Argentine soyabeans for nearby shipment.
"They have not bought in an incredibly long time," said a trader. The death of up to 100 million hogs has hurt soyameal demand in China and sent profit margins plunging at processing plants, traders said. China has cancelled about 10 South American cargoes and has not bought soyabeans for nearby shipment in weeks.
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