US corn and soybean basis offers held steady on Friday but prices in the interior barge market were inverted, with exporters paying a premium for nearby shipment, traders said. Corn and soybeans have firm tone due to weeks of little farmer selling.
Both corn and soybeans inverted in the interior barge market, with December shipment worth more than January. Export demand not helped by recent rallies in futures prices, traders said. Chinese crushers could slow US soybean imports amid stricter quality checks after finding pesticide residue on one cargo last week.
Taiwan to seek up to 60,000 tonnes of US or South American soybeans for January 17-31 shipment on Tuesday. Export demand for US corn and wheat hampered by high prices and large supplies of cheap feed wheat around the globe. Corn closed above $4 a bushel for the first time in seven weeks. Wheat at a 2-1/2 month high. US wheat not expected to win any major tenders with the exception of the 500,000 tonnes of high-quality wheat sought by Saudi Arabia.