US FOB Gulf soyabean basis offers remained weak on Wednesday due to recent rallies in futures prices, while corn and wheat held steady, traders said. Soyabean export demand remained strong with China still buying additional cargoes from the United States and South America, traders said.
During the past week, China has bought nearly 900,000 tonnes of US soyabeans, according to USDA data. However, basis offers have retreated as futures prices for the March contract forward topped $11 a bushel and hit a 19-year high earlier this week.
Corn export demand has been strong for February shipment forward but nearby demand was only routine, traders said. Large amounts of corn at the Gulf waiting to be unloaded have pressured the CIF barge market this week. Exporters said they do not need to buy more corn until the last half of January.
"We're full on corn right now," said a trader. Wheat export demand was steady amid talk that both India and Pakistan may issue fresh tenders. Two Indian state-run trading firms may float wheat import tenders within the next three weeks, a government official said in New Delhi on Wednesday.
There was also talk that Pakistan might issue a tender seeking 200,000 tonnes of wheat. Pakistan recently made its largest purchase of US and Canadian wheat in three years.