Export premiums for corn and soyabeans shipped from the US Gulf Coast were mostly steady to firm on Monday, with nearby values supported by rising CIF barge basis values, traders said. Demand for both commodities was light as many buyers were away from their offices for the May Day holiday.

CIF corn and soyabean barge basis values rose as flooding on inland waterways slowed or halted the flow of grain from the Midwest to export terminals near the Gulf Coast. A key stretch of the Mississippi River near St. Louis was expected to be closed to traffic by Tuesday following heavy weekend rain. Wheat export premiums were nominally unchanged, with traders monitoring reports of damage from cold weather to the hard red winter wheat crop in the southern Plains.

Wheat futures on the Chicago Board of Trade surged on Monday. Soyabean shipments loaded in May were offered around 36 cents a bushel over Chicago Board of Trade July futures.FOB corn basis offers for May shipments were around 36 cents a bushel above CBOT July futures. May soft red winter wheat shipments were offered around 55 cents a bushel over CBOT July futures. Hard red winter wheat cargoes at the Texas Gulf for May shipments were offered at 120 cents over July futures.

Copyright Reuters, 2017