US CIF corn and soyabean barge basis values held steady on Monday but soyabean values were expected to come under pressure amid calls for a rally in the futures market, traders said. Hard and soft red winter wheat values were unchanged with prices at 11-year highs limiting export business.
Morocco's state grain agency postponed until June 21 a tender for nearly 300,000 tonnes of soft wheat. High prices have caused India and Egypt to pass on recent wheat tenders but traders said both countries still need to import more supplies. Iraq is also working on a tender for hard milling wheat.
CIF soyabean barge values held steady but could fall with CBOT soya futures called to open 10 to 15 cents a bushel higher on hot and dry weather in the Midwest. Dismal export business was also expected to weigh on basis values in the barge market. Both Argentina and Brazil are offering soyabeans for export at prices far below US levels.
CIF corn basis values were unchanged from Friday, but could come under pressure from an expected slow down in export sales. Rallies in futures prices have pushed corn import prices in Asia to 10-year highs.
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