US CIF corn and soyabean basis values were steady Monday morning after a big harvest weekend in the Midwest, traders said. Freight on the Mississippi River jumped sharply late Friday as elevators bought barges in anticipation of buying large amounts of corn and soyabeans from farmers.
Barges on the lower Ohio River were bid 600 percent of tariff, up from bids of 500 percent last week. Barges on the mid-Mississippi were bid 675 percent after trading at that price Friday. Barges on the Illinois were bid 650 percent, up from 600 percent last week.
The big harvest weekend has not yet put pressure on grain basis values, traders said. "I think it will break loose as get further out into the morning but for the moment things are relatively quiet," a trader said. Hard and soft red winter wheat basis values held steady amid strong export demand and tight global supplies.
Morocco will tender on October 31 for 260,000 tonnes of soft wheat and South Korea is tendering for 73,000 tonnes of US wheat. Iraq's wheat tender closed over the weekend but there was no word on any purchase. Soyabean export demand was expected to be quiet this week due to top-buyer China being on holiday.