US FOB Gulf corn basis offers were 3 to 4 cents a bushel higher for nearby loadings after the market close on Monday, while soyabean offers also firmed with both markets supported by slow farmer selling and lower futures, traders said. FOB corn offers for June were 4 cents higher at 82 cents over CBOT July, which closed down 2-1/2 cents at $3.60-1/2. July offers were at 75 cents over July futures, up 3 cents.
USDA reported weekly corn inspections at 1.136 million tonnes, up slightly from the prior week. Traders noted that China loaded 3,185 tonnes of corn from interior points last week. But China continues to prefer US sorghum loading 165,757 tonnes from the Gulf last week. FOB June soyabean offers were 4 cents higher at 94 cents over CBOT July, which closed 2-1/4 cents lower at $9.74. July offers were at 90 cents over July futures and August at 90 cents over CBOT August - both up 4 cents.
USDA soyabean export inspections ticked higher at 263,263 tonnes, with Pakistan taking 65,477 tonnes and Indonesia shipping 69,342 tonnes - both out of the Gulf. Wheat prices continue to be depressed by the strong dollar and abundant overseas supplies. FOB HRW offers at the Texas Gulf for May/June/July were all down 5 cents at 115 cents over KCBT July, which closed up 1/4 cent at $5.08-3/4. FOB SRW wheat offers at the New Orleans Gulf were generally steady but the market had a firm tone, with some traders citing renewed crop quality concerns given the wet spring in SRW country. SRW offers for June and July were unchanged at 70 cents over CBOT July, which closed 1/2 cent lower at $4.81.
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