US FOB Gulf corn, soyabean and wheat basis offers at the US Gulf were steady late Friday amid lower futures and slow country movement, traders said. FOB Gulf June corn was unchanged at 75 cents over CBOT July, which closed 2-1/2 cents lower at $3.65-1/2. July corn offers were also steady at 75 cents over July futures. Nearby CIF corn barge values firmed on Friday after trading at higher values on spot demand, traders said.
There was some movement of old-crop in the western Corn Belt late this week after futures bounced on Thursday. But amounts remain light. FOB soyabean basis offers held steady late Friday, with May nominally quoted at 90 cents over CBOT July, which ended 3-3/4 cents lower at $9.53-1/4. June was quoted at 94 cents over and July was quoted at 91 cents over July futures - both steady with Thursday. CIF soyabeans for May continued to soften on Friday as traders adjusted values after Thursday's expiration of the CBOT May contract, which had been at a premium to July.
US FOB SRW wheat offers for June and July were unchanged at 65 cents over CBOT July, which closed 3-1/4 cents lower $5.11. HRW June/July offers at the Texas Gulf were also unchanged at 110 cents over KCBT July, which closed 1-1/2 cent down at $5.41-3/4. Demand for US wheat remains poor but recent rains on new-crop that is heading has created concerns about disease, like rust and scab, which would cut yields and quality in the maturing crop, traders said. CCC's tenders for 15,000 tonnes of sorghum for Africa and 4,530 tonnes HRW for Ethiopia were working. Offers are due May 20.
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