Corn basis mostly steady lower

CHICAGO: Basis bids for corn shipped by barge to the U.S. Gulf Coast were steady to weak early on Friday, with nearby values weighed down by sufficient supplies in the pipeline amid lackluster demand, traders said.

CIF soybean basis bids were weaker on slow exporter demand, while wheat basis bids were steady to lower amid harvest pressure, traders said.

Some increased corn barge loading weighing on nearby CIF corn basis values in the eastern Midwest as elevators free up storage space ahead of the soft red winter wheat harvest. Exporter demand for corn was slow.

Soybean demand from exporters was also quiet, but movement of supplies to the Gulf was slow, traders said.

Some shipping restrictions remain in place on the lower Mississippi, with expected influx of water from the flood-swollen Missouri River likely prolonging the high water woes on the Mississippi.

CIF corn basis bids for first half June loadings were a penny lower at 60 cents a bushel over Chicago Board of Trade July futures.

June CIF soybean basis bids were 74 cents a bushel over CBOT July futures, down 2 cents from Thursday. New-crop basis was down 2 to 3 cents.

Nearby CIF soft red winter wheat basis bids were down 2 cents at 58 over CBOT July

Copyright Reuters, 2011