US Gulf CIF basis values for corn and soyabeans held steady Monday amid routine eexport interest, traders said. Barge freight on major Midwest rivers was unchanged after dropping last week as movement slowed down as farmers wrapped up harvesting their crops.
Nearby barges on the Illinois River traded at 425 percent of tariff on Friday, down from trades of 500 percent a week ago. Barges traded at 350 percent on the lower Ohio River, down from 400 percent a week ago. Wheat export demand remained strong amid tight global supplies. Traders were awaiting results of Pakistan's tender for 50,000 tonnes of wheat.
The country was expected to seek another 400,000 tonnes later this month. Pakistan has not bought any US wheat this calendar year, and in the past has bought mainly one to two cargoes.
High ocean freight would make wheat from the Black Sea region the cheapest delivered to the Middle Eastern country. Chartering a vessel to deliver the wheat was expected to be more difficult following the suspension of the constitution and the imposed emergency rule in Pakistan over the weekend. Russia continued to export wheat ahead of a hike later this month in export tariffs but Ukraine's government has postponed allowing exports until January 1.