US FOB Gulf corn basis offers for December shipment were lower on Friday amid a lack of export demand, while soybeans were mostly steady. Traders said export demand for corn was expected to remain weak amid competition from feed wheat in Europe. Prices for Brazilian corn were lower than US supplies.
USDA said corn export sales last week totalled 355,500 tonnes, down 25 percent from the previous week and down 46 percent from the prior four-week average. A trader said corn loading at the Gulf was just 60 percent of capacity for November shipments, 30 percent of capacity for December and just 15 percent for January.
Hard and soft red winter wheat prices were steady, but stiff competition from Europe was keeping buyers at bay. Traders were unable to confirm talk in Europe that 50,000 tonnes of British wheat could be shipped to the United States.
Export demand for wheat was slow amid ample supplies in Europe. USDA said US wheat export sales last week fell 32 percent to 248,300 tonnes. Barge freight on major US rivers were mostly steady, after having tumbled from record highs.