US FOB Gulf basis offers for corn and soyabeans fell after the close on Thursday as farmer movement picked up with this week's futures rally amid dwindling on-farm storage, especially for corn, traders said. Corn and soyabean futures rallied along with wheat futures. But traders kept FOB offers for wheat unchanged with foreign interest still quiet due to cheaper prices elsewhere.
FOB corn basis offers dropped 7 to 10 cents with December at 115 cents over CBOT December futures, which closed 8-1/2 cents up at $3.86-1/4 a bushel. Traders said mountains of corn continue to build at many Midwest elevators and farmers were pushing hard to finish harvest with the onset of freezing weather this week. FOB soyabeans for December loadings were offered 3 cents lower at 142 cents over CBOT January soyabeans, which closed 5-3/4 up at $10.53-1/2.
China and domestic processors continue to be the main demand but movement has picked up triggered by the spike in futures since late last week. Traders expect USDA to again report China soyabean commitments of over 1.0 million tonnes in its weekly export sales report on Friday. Wheat futures continued their short-covering rally amid concerns about winter kill in the central Plains, Delta, and eastern Midwest. Freezing temperatures extended into Georgia and Texas on Thursday. CBOT December wheat closed up 11 cents at $5.53-3/4 and KCBT December ended 6 cents higher at $6.05-1/4.
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