Corn, soybean barge basis flat to lower

Basis bids for corn and soybeans shipped by barge to U.S. Gulf Coast terminals were steady to weaker on Friday, with spot values easing from midweek peaks on mostly sluggish export demand, traders said.

* CIF values were under pressure despite tight spot supplies in the river market and firm barge freight costs.

* River freight rates climbed as low water on the Mississippi River and its tributaries curbed grain shipments, a barge broker said. Barge lines have already cut drafts and may be forced to reduce them further to prevent groundings if rains do not sufficiently raise water levels, he said.

* Export demand for corn and soybeans remained light as cheaper near-term supplies were available from Brazil.

* The U.S. Department of Agriculture (USDA) reported a 197,000 metric ton U.S. soybean sale to undisclosed destinations on Friday. Some traders said the beans were likely bound for Europe.

* Also on Friday, the USDA lowered its 2022/23 marketing year U.S. corn and soybean export forecasts in a monthly report.

* CIF corn barges loaded in the first half of June were bid 2 cents lower at 75 cents over Chicago Board of Trade (CBOT) July (CN3) futures after trading as high as 95 cents over futures earlier in the week. Full-month June loadings were bid a penny lower at 64 cents over futures.

* FOB corn export premiums for late June loadings were unchanged at around 85 cents over July futures. Early July loadings were offered 3 cents lower at 70 cents over futures.

* Soybean barge basis bids for first-half June loadings fell 4 cents to 74 cents over CBOT July (SN3) futures. Full-June bids were 2 cents lower at 68 cents over futures.

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