US FOB Gulf soyabean and corn basis offers were steady to firm on Wednesday, underpinned by expectations for tight supplies in early April due to repairs to a lock on the Mississippi River, traders said. Wheat export premiums held steady amid a fresh tender from Egypt's General Authority for Supply Commodities (GASC) for May 11-31 shipment.
Origins include US wheat. Slow farmer selling in the United States has limited soyabean supplies moving to Gulf export channels while a farmer strike in Argentina has lifted demand for US soyabeans, traders said.
Farmers in Argentina, who have been on strike since March 13 to protest a tax hike on some agricultural exports, vowed on Wednesday to continue the strike despite government threats to break up road blockades they set up to prevent truck movement.
Several suppliers of Argentine soyabeans and soyaoil declared force majeure on cargoes to China due to the protest, following a similar move on soyameal shipments to Europe, according to traders and industry officials. The farmer strike could potentially shift up to 750,000 tonnes of soyabean exports to the United States and up to 50,000 tonnes of soyabean oil, one trader said on Wednesday.
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