US Gulf CIF corn and soyabean basis values were steady on Monday, with the pace of business slow amid the meltdown in financial markets, traders said. Investment bank Lehman Brothers has filed for bankruptcy protection, while brokerage Merrill Lynch agreed to be taken over by Bank of America. The stock market was down 2.8 percent or 323 points, while crude oil was down $5.18 at $96 a barrel.
Supplies of soyabeans remained tight, but spot prices have backed off with demand in retreat. Rain from Hurricane Ike hit parts of the Midwest, which could further delay the harvest. Spot barge freight bids were mostly steady on major Midwest rivers. Soft and hard red winter wheat basis values were steady.
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