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US FOB Gulf corn and soyabean basis offers were mostly steady on Thursday, supported by export demand, especially for corn, traders said.

Barge freight bids for shipment this week were lower on the Illinois and lower Ohio rivers as the harvest neared completion, but bids at St. Louis were higher.

Traders said barge freight on the mid-Mississippi River however was firm amid a pick up in grain movement. "Freight here has been firming," a Iowa grain trader said.

There was demand in corn from Japan, Egypt and importers from Latin America, but any deals could not be confirmed.

"Japan is buying. There is interest from Latin America," a corn trader said.

South Korea on Thursday bought 55,000 tonnes of US corn for January arrival at $140.40 per tonne C&F, traders said.

USDA said corn export sales totalled 718,400 tonnes last week, down 26 percent from the previous week. Taiwan was the top buyer with 133,600 tonnes. Japan booked 117,900 tonnes.

Demand for soyabeans were sluggish, traders said, adding that China has not been active as the country battles the spread of the deadly bird flu virus.

Traders said China had resorted to importing soyameal to avoid building soyabean stocks amid uncertainty over the impact of bird flu on feed demand from the poultry sector. Taiwan set a tender on Friday to buy 40,000 to 60,000 tonnes of US soyabeans for November-December shipment.

USDA said soyabean export sales totalled 842,000 tonnes last week, down 5 percent from the previous week. China was the top buyer with 347,200 tonnes. Indonesia booked 128,900 tonnes.

FOB soft red winter wheat basis offers were steady, but bids in the CIF barge market were higher amid tight supplies and some export interest, traders said.

Copyright Reuters, 2005


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