Corn, soy barge basis mixed; spot supplies tight

Basis bids for corn and soybeans shipped by barge to U.S. Gulf Coast terminals were mixed on Wednesday as tight spot supplies supported nearby values and sluggish export sales anchored deferred bids, 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.

* CIF corn barges loaded in the first half of June were bid 5 cents higher, at 75 cents, over CBOT July (CN3) futures. Bids for more immediate loadings and afloat barges were 5 to 9 cents above that. Full-month June loadings were bid 65 cents over futures, up 2 cents.

* U.S. corn export demand was slow as harvesting of an expected bumper Brazilian second corn crop was underway, and export prices in Brazil were well below U.S. prices, traders said.

* FOB corn export premiums for loadings in the last half of June held steady at 85 cents over July (CN3) futures. First-half July shipments were offered at 73 cents over futures, down 2 cents.

* U.S. soy export demand was light due to cheaper Brazilian shipments. Traders said nearby Brazilian prices were more than $1.50 a bushel below U.S. prices on a FOB basis.

* Soybean imports by China hit a record 12 million metric tons last month, customs data showed. Some traders said imports this month could be even larger.

* Soybean barge basis bids for first-half June loadings were 95 cents over CBOT July (SN3) futures, steady with trades on Tuesday. Full-June bids were penny lower at 77 cents over futures.

* FOB soybean premiums for late June held steady at 95 cents over futures for last-half June loadings.