US FOB Gulf soyabeans basis offers were stronger on Wednesday, adding to another strong day in futures which saw contract highs set on tightness in nearby supplies, traders said. FOB Gulf corn for May firmed on continuing export demand while wheat basis offers were generally steady as profit-taking in futures brought flat prices back a bit after this week's sharp gains on concerns about winter wheat conditions and Black Sea shipments due to Ukraine unrest.
FOB April soyabean offers were thin but firm and May held at 85 cents over futures as processors have stepped up their fight with exporters over old-crop soyabeans. The NOPA crush report this week underscored that with the highest March crush in 13 years. CBOT May soyabeans set new contract highs on Wednesday before closing up 17-1/2 cents at $15.18-3/4 per bushel.
Corn offers were steady to firm with April offers scarce but May offers were up 5 cents at 90 cents over with export demand firm, aided by a slight pullback in futures on Wednesday. Interior movement of corn and soyabeans picked up with the futures rally this week and farmers cleaning bins before heading into fields to plant. But May corn slipped back below $5 to close down 6-1/4 cents at $4.97-1/2 per bushel.
FOB wheat basis offers at the Gulf remain steady to firm despite this week's rally in futures with traders reporting inquiries continuing, especially in hard red wheat on Wednesday. Turmoil in the Ukraine continues to put a question mark over that origin but the primary supportive factor is potential problems with jointing wheat in the Plains after a harsh winter and this week's surprising freeze.