US FOB Gulf corn and soyabean offers held steady on Friday but were seeing increased export demand from a strike in Argentina disrupting shipments, traders said. Argentine farmers ended a 16-day strike late Friday against higher export taxes to negotiate with the government.
However, traders said it would take several weeks for Argentina to catch up on a backlog of grain shipments that may total close to 2 million tonnes of soyameal, soyabeans and corn. In the meantime, anyone needing soyabeans shipped by mid-April will still turn to the United States, traders said.
Corn export demand was getting a smaller boost due to the strike. Sales this week may also have been spurred by a government report due out on Monday that may show US farmers will plant fewer corn acres than originally projected. South Korea bought some US corn earlier this week and was inquiring about prices for September shipment, traders said.