US FOB Gulf corn basis offers were firm and mostly higher on Friday amid slow farmer selling and a pick up in demand, while soyabeans were sharply higher.
Soft and hard red winter wheat basis values in the CIF barge market were higher as dealers raised prices to encourage farmers to sell more of their new crop supplies.
CIF SRW basis values were 2 to 4 cents a bushel higher, while HRW prices gained as much as 7 cents.
On Thursday, the US Commodity Credit Corp bought a total of 72,000 tonnes of HRW wheat for its export donation program. On Friday, CCC bought another 19,30 tonnes.
South Korea bought 25,500 tonnes of US wheat on Friday.
Corn basis offers were firm amid slow farmer selling and fresh export demand, dealers said.
"We saw some interest from Japan, Mexico and Central America this week after the flat price debacle," he said, referring to the break in cash prices as CBOT futures fell.
"Farmers have not been selling, and there's a need to get more supplies into the pipeline," he added.
Dealers said a recent slump in ocean freight had also made exports from the US Gulf more competitive with Argentina, and the Pacific Northwest, which has a shorter route to Asia.
The dealers were expecting more vessels to show up at the Gulf as importers step up loadings of old crop supplies.
Soybean basis offers were sharply higher, driven by strong processor demand and in adjustment to the widening price differential between CBOT July and November, which respectively reflect old and new crop supplies.
July added 6 cents to $9.39-1/2 a gain of 40-1/2 cents on Thursday to finish at $9.39-1/2. November fell 15-1/4 to $6.52-1/4, widening the spread to a whopping $2.87-1/4.
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