US FOB Gulf corn basis offers were steady to lower on Wednesday amid a lack of fresh demand while soyabeans were mostly steady, traders said. Barge freight on the lower Mississippi River at St. Louis was firm, but steady on the Illinois and Ohio rivers.
Hard and soft red winter wheat basis offers were steady, supported by slow farmer selling. There was some speculation that Iraq would tender for wheat on December 5.
Corn basis offers were steady to lower, weighed by thin export demand and declines this week in the CIF market.
"CIF values have come down 3 to 4 cents over the last three days," a trader said.
Another trader said he was expecting export demand to pick up next week after the Thanksgiving Day holidays, saying Taiwan was expected to tender for 56,000 tonnes.
"Consumptive demand has been lacking this week," he said, adding that increased supplies in the barge market had pressured corn values.
"More corn became available when prices went below delivery equivalence," he said, referring to cash prices slipping below values for December CBOT futures.
Traders said there was talk that South Korea was seeking 125,000 tonnes of optional-origin corn for March shipment.
Soyabean basis offers were steady, supported by slow farmer selling, traders said.
The traders said prices in the CIF barge market were firm amid strong demand from soya processors.
"There's no movement and processors are not able to replenish beans they are grinding," a trader said.
Traders said Chinese demand for US soyabeans was muted this week, adding that crush margins in the country where bird flu is spreading were down due to poor demand for soyameal.