US FOB Gulf corn basis offers fell on Wednesday amid pressure from a rally in the futures market, while soyabeans were firm amid tight supplies, traders said. Hard and soft red winter wheat were steady in a market seeing little export demand other than a tender for hard wheat from Iraq.
Iraq was tendering for 100,000 tonnes but traders said it was a nominal amount and they could buy more or less. Bids are due April 10 with shipment in April or May.
Iraq was seeking bids on a cost-and-freight basis. Putting the burden on the seller to ship the wheat will likely result in traders adding high risk premiums to their prices, traders said. Ocean freight has risen 30 percent from last year and the Baltic Exchange soared over 8,000 points on Wednesday for the first time since December 2004.
Soyabean export premiums remained firm with few barges being loaded as farmers focus on spring planting. Processing plants in the interior were also raising bids to secure adequate supplies.