US FOB Gulf corn and soyabean basis offers were mostly steady on Friday, with corn under pressure from a lack of fresh export demand, traders said. Corn prices also weighed by ample supplies at Gulf export elevators, and importers having good cargoes in advance.
Traders said the surge in corn prices to record highs above $6 a bushel also dampened export demand. Farmer selling of corn improved as cash prices passed the $6-a-bushel level this week. USDA export sales report on Thursday showed corn sales in the week ended May 1 totalled 337,200 tonnes, down 39 percent from the previous week.
Expected bumper wheat harvest in Europe could lead to more of the grain being used for feed instead of US corn. Soyabean basis offers were mostly steady; exporters were hopeful for fresh demand due to farm strike in Argentina. Hard and soft red winter wheat basis offers were steady.
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