Corn, soybean barge basis bids mostly weaker

Basis bids for corn and soybeans shipped by barge to U.S. Gulf Coast terminals were mostly weaker on Monday, with nearby values underpinned by tight spot supplies while deferred bids were pressured by slow export demand, traders said.

* Active loading of grain export vessels at the Gulf, particularly of corn exports, kept spot supplies tight in the CIF barge market, traders said. Some exporters in need of immediate supplies have had to bid up for grain needed to top off export vessels, they said.

* The U.S. Department of Agriculture (USDA) said 1,180,954 tonnes of corn were inspected for export in the week ended June 1, the fourth straight week with inspections above 1 million tonnes.

* New demand for U.S. corn and soy remained quiet as global buyers have increasingly relied on purchases from Brazil, where farmers harvested bumper crops this season. The lack of fresh export demand weighed on FOB basis offers at the Gulf.

* CIF corn barges loaded in the first half of June were bid at 70 cents over CBOT July (CN3) futures, an eight-cent premium to barges loaded throughout the month. Full-month June loadings were bid 62 cents over futures, down 1 cent from late Friday.

* FOB corn export premiums were 90 cents over July (CN3) futures for first-half June shipments, down 7 cents. Last-half shipments were offered 8 cents lower at 85 cents over futures.

* Soybean barge basis bids for first-half June loadings were 90 cents over CBOT July (SN3) futures, down 5 cents from trades on Friday but at a 13-cent premium to full-June bids of 77 cents over futures.

* FOB soybean export premiums were flat at 97 cents over July futures for first-half June loadings and 95 cents over futures for last-half June loadings.