US FOB Gulf corn basis offers were firm on Thursday, supported by strong weekly export sales, while soyabeans were mostly steady, dealers said.
Wheat basis offers held steady, with dealers saying that China was stepping up the shipping of US purchases with the sharp break in ocean freight rates in recent months. It had four ships lined up this week to load wheat on the West Coast.
Dealers said afloat barges of soft red winter wheat were traded at 45 cents a bushel over the CBOT July in the CIF barge market, while wheat loaded by May 12 was traded at 30 over.
"There are people who have boats to load at the Gulf," he said, explaining the higher price for afloat barges, which would arrive at the Gulf in time for May export shipments.
Dealers said corn basis offers were supported by export sales that totalled 1.09 million tonnes last week, up 18 percent from the previous week, according to USDA data.
Sales of 277,600 tonnes were posted to unspecified buyers. Dealers speculated that a portion was going to South Korea, whose main supplier China has cut back exports this year.
Top buyers in the week were Japan with 247,800 tonnes and Mexico with 223,200 tonnes.
One dealer said a slump in ocean freight and the recent break in CBOT futures were helping to draw demand from Asia.
Corn movement remained slow as farmers pushed ahead with their spring seedings.
Taiwan bought 56,000 tonnes of US corn for June/July shipment overnight. South Korea set a tender for Friday to buy up to 110,000 tonnes of optional-origin corn that is not genetically modified for food use.
Soybean basis offers were steady, supported by higher-than-expected weekly export sales of 133,700 tonnes. Mexico booked 63,600 tonnes and Japan 53,100 tonnes.
The market was also supported by strong demand from domestic processors trying to build up inventories heading into summer when stocks are expected to be very tight.
"Interior prices for soyabeans are strong because of processor demand," one dealer said, adding that processors were offering premium prices to secure old-crop supplies.
US soyabean supplies are forecast by the USDA to be the smallest in 27 years at the end of the marketing year on August 31 due to drought damage to last year's crop.
Dealers said soyabean basis offers were supported by fresh demand from Mexican and Asian importers.