Corn barge bids inch higher; soy bids soften

Basis bids for corn shipped by barge to the U.S. Gulf Coast inched higher on Monday on signs of fresh export demand while CIF soybean basis bids ticked lower, traders said.

* The U.S. Department of Agriculture confirmed private sales of 200,000 tonnes of U.S. corn to Mexico, including 100,000 tonnes of old-crop grain and 100,000 tonnes of new crop, in addition to sales of 111,800 tonnes of old-crop corn to Japan.

* Soybeans dominated export inspections in the latest week, although export demand for U.S. soy is slowing as newly harvested Brazilian beans are beginning to flood the market.

* The USDA reported export inspections of U.S. soybeans in the latest week at 1,829,826 tonnes, near the high end of trade expectations for 800,000 to 1,900,000 tonnes.

* Corn inspections at 480,205 tonnes were the smallest in four weeks and fell at the low end of expectations for 440,000 to 800,000 tonnes. Wheat inspections totaled 536,355 tonnes, the biggest tally since October and above expectations for 300,000 to 525,000 tonnes.

* CIF corn barges loaded in February were bid at 86 cents over Chicago Board of Trade (CBOT) March corn (CH3) futures, up a penny from Friday.

* FOB basis offers for February corn shipments were steady at around 90 cents over CBOT March futures, and offers for March shipments held at 99 cents over futures.

* For soybeans, CIF barges loaded in February traded at 100 cents over CBOT March (SH3) soybean futures and were re-bid at 98 cents over futures, down 4 cents from Friday's last bid.

* FOB offers for February soybean shipments held at around 120 cents over March futures, with March shipments unchanged at 112 cents over futures.