US Gulf FOB soyabean basis offers fell on Thursday amid weak barge freight and slow demand from China, while corn was steady, traders said. The markets shrugged off news that Argentine farmers will halt sales of grains and livestock for four days from Friday in a renewed protest against a soya export tax.
Traders said they expected Argentine farmers to enter into talks with the government after the strike. Soyabean basis offers were weighed by recent declines in the CIF barge market as freight rates weakened. CIF soya values were pressured by increased farmer selling. Traders also said demand from China had waned, adding that domestic crush margins there were poor. Corn basis offers were mostly steady; demand was routine.
South Korea bought 55,000 tonnes of US corn for June 20 arrival. Soft red winter wheat were higher amid gains in the CIF barge market. Hard wheat prices were steady. Traders said a move by Russia to supply Brazil with 1 million tonnes of grain, likely wheat, could hurt potential sales of US wheat to the South American country. Brazil buys the bulk of its wheat from neighbouring Argentina, but a drought has hurt the Argentine crop.