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Export premiums for corn shipped from the US Gulf Coast were steady to weak on Monday as CIF barge basis values eased under higher futures prices and moderate farmer sales, traders said. Regular US corn importers such as Japan continued to inquire about prices for springtime shipments, traders said.
Nearby CIF corn basis bids fell by 1 to 2 cents a bushel on Monday as futures gained 1 percent and hit a three-week high. In response, farmers sold moderate volumes of last autumn's corn harvest to elevators and processors.
Recent heavy rain along the US Gulf Coast has slowed grain vessel loading slightly, but traders said the delays were not severe due to the current subdued pace of export loadings.
FOB soyabean basis offers were mostly unchanged amid seasonally slow demand despite rising prices for Brazilian new-crop supplies due to a stronger real in recent days. Traders said crop sales by Brazilian farmers have slowed dramatically due to the currency move.
Wheat export premiums at the Gulf Coast were flat on light export demand and plentiful global supplies.
Russian wheat exporters are pressuring farmers to cut domestic prices amid a strengthening rouble, analysts said on Monday.
Hail and rain may have reduced India's wheat crop by 5 to 7 percent or more, a government official said.
FOB Gulf soyabeans loaded in April were offered at around 48 cents a bushel over CBOT May futures, which closed unchanged at $8.95-3/4 a bushel.
Corn offers for April shipment were about 46 cents over CBOT May futures, which ended 3-3/4 cents higher at $3.68-3/4 a bushel.
Spot shipments of soft red winter wheat at the Gulf were offered at about 60 cents over CBOT May futures, which closed 3 cents higher at $4.78-3/4 a bushel.

Copyright Reuters, 2016

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