US FOB Gulf soyabean offers were steady to higher on Wednesday due to some export demand and slow grain movement limiting new sales to May shipment and beyond, traders said. Corn basis offers were steady to lower, pressured by corn futures at the Chicago Board of Trade setting a new high of $6.40 a bushel in the July 2009 contract and weak export demand due to high prices.
Both corn and soyabean barges were moving more slowly than usual on the lower Mississippi River due to high water and swift currents. Barges were restricted to movement during daylight hours near Baton Rouge, Louisiana.
Few barges of soyabeans have traded this week in the interior. "It's been very small quantities," said a trader. "Everyone is keeping what he has." Exporters have enough corn and soyabeans in the pipeline to meet sales already on the books but most were not willing to sell more grain for April shipment, traders said. The first shipment period available from most grain companies was May 1-10 shipment.
Argentine farmers were growing uneasy that the government has yet to start negotiations after suspending a three-week strike that paralysed grain exports. Farmers were not expected to resume the strike before May due to the need to harvest their new-crop soyabeans, traders said. China has bought at least one cargo of soyabeans from Argentina for May shipment this week and has bought at least one cargo of US soyabeans for shipment from the Pacific Northwest, traders said.