Basis bids for corn and soyabeans shipped by barge to the US Gulf were mostly steady on Friday with lower CBOT futures slowing farmer selling. Ample supplies were keeping the pressure on soyabean basis values. Prices were underpinned by strong export demand.
USDA said soyabean export sales totalled 1.1 million tonnes last week, up 16 percent from the previous week. Top buyer China booked 859,800 tonnes. Farmer selling was slow amid steep falls in CBOT corn and soyabean futures in Asian trading hours amid growing concern over a possible debt default by a Dubai state-owned company.
CBOT corn fell 10 cents to $3.82 per bushel; CBOT soyabeans were down 21-3/4 cents at $10.32-3/4. Crude oil was down $3.70 at $74.26 a barrel. USDA said corn export sales totaled 1.2 million tonnes last week, a marketing year high. Mexico booked 664,400 tonnes. Weekly wheat export sales totaled 351,200 tonnes last week, down 3 percent from the previous week.