Nearby corn, soy barge bids firm on thin supplies

Basis bids for corn and soybeans shipped by barge to U.S. Gulf Coast terminals were mixed on Tuesday, with nearby values supported by tight supplies and deferred bids weighed down by weak demand, traders said.

* Slow farmer sales to river elevators has tightened grain supplies in the river market, and some exporters have been forced to raise bids to fill their export loading needs, traders said.

* Low water on the lower Mississippi River following a stretch of dry weather across the central United States has also slowed the arrival of grain at Gulf export terminals, shippers said. Some barge lines are limiting tow sizes due to the low water and a narrowing shipping channel, they said.

* New demand for U.S. corn and soy remained quiet as global buyers have increasingly sourced supplies from Brazil, where farmers harvested bumper crops this season.

* CIF corn barges loaded in the first half of June were bid 5 cents higher at 75 cents over CBOT July (CN3) futures. Full-month June loadings were bid 63 cents over futures, up 3 cents.

* FOB corn export premiums were 90 cents over July (CN3) futures for first-half June shipments and last-half shipments were offered 8 cents lower at 85 cents over futures, both unchanged.

* Soybean barge basis bids for first-half June loadings traded at 95 cents over CBOT July (SN3) futures, up 5 cents from bids earlier in the day. Full-June bids gained a penny to 78 cents over futures.

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