US FOB Gulf soyabean basis offers were steady late Friday after futures fell as China buyers turned quiet following their buying spree over the last couple weeks, traders said. FOB corn basis values held firm as traders wait for lower futures to uncover fresh demand. Chicago corn futures fell to fresh contract lows as mild summer weather continues to boost yield prospects.
Wheat offers were steady to firmer, supported by steady demand and high freight charges. Brazil remains a featured buyer of wheat out of the Gulf, traders said on Friday. Exporters are already juggling logistics and tight capacity for fall deliveries to the Gulf given Chinese demand for new-crop soya. That coupled with a likely record corn and soyabean harvest keeps freight and elevation costs pricey, underpinning all FOB basis markets, traders said.
