CIF Gulf corn and wheat steady; soyabean firm

US CIF Gulf corn basis values were steady on Monday, while soyabeans were firm amid slow grain movement as farmers seeded their corn crop, traders said. Barge freight was steady after posting gains last week amid tight supplies of empty vessels, and a pick up in demand. Traders said grain movement was generally slow, with farmers in some areas of the Midwest rushing to get as much of their corn seeded amid forecasts for isolated rain. "We are supposed to get thunderstorms tonight," a river trader in southern Indiana said, adding that farmers were continuing to plant their crop from the weekend.
He said there had been no rain around his location for the last 10 days and that corn that already been seeded needed moisture. "A drink will get the crop up and going."
Another trader in the northern Midwest said there was scattered corn movement, but quantities were small.
"Prices here are low enough for the farmer to hold back sales. Now that we might have a weather market, he would want to see if prices can get higher," the trader said.
CBOT corn and soyabeans were called to open higher amid some concerns over dry weather in parts of the eastern Corn Belt.
Traders said corn basis values were steady, supported by the generally slow farmer selling. Export demand was routine.
USDA said on Monday exporters had reported the sale of 110,000 tonnes of US corn to an unknown buyer for delivery in the current season ending August 31.
South Korea set a tender for Tuesday to buy up to 105,000 tonnes of optional origin corn for June-July shipment. It was seeking offers from the US China and South America.
Soyabean basis values were firm, supported by slow movement and expectations that China will return to the market after being absent last week for holidays.
There was talk that Chinese processors needed to buy futures to price some of their purchases in the cash market.
Traders also said processors were keeping their basis bids firm to draw more supplies out of farm storage bins to ensure their plants keep running through spring and summer.
Hard and soft red winter wheat basis values were mostly steady, but there was a lack of fresh export demand.
European traders said Japan was expected to set a tender to buy 100,000 tonnes of hard wheat for donation to Jordan.