US CIF Gulf soyabean and corn basis values were mostly steady on Monday, supported by a slowdown in farmer selling amid calls for lower futures. The possibility of rain and cooler weather in the Midwest had traders calling Chicago Board of Trade corn to open 2 to 3 cents a bushel lower, and soyabeans 5 to 8 cents lower.
Traders said soft red winter wheat basis values were lower, weighed by a lack of fresh export demand. The traders said ample supplies of SRW wheat were also pressuring values.
Pakistan bought 50,000 tonnes of Russian wheat for September shipment, traders in Asia said on Monday, highlighting competition in the export market.
Corn and soyabean basis values were mostly steady, underpinned by slow farmer selling, traders said.
There were expectations for improved corn export demand amid the recent slump in ocean freight, the traders said.
Export demand for soyabeans however remained hampered by cheaper supplies in Brazil and Argentina.