Corn, Soybeans firm steady

CHICAGO: Basis bids for corn shipped by barge to the US Gulf Coast were steady to firm early on Friday, underpinned by tight supplies of loaded barges and solid demand mostly from domestic processors, traders said.

CIF soybean basis bids were mostly steady amid slow demand and slow farmer selling, traders said.

CIF soft red winter wheat basis was steady to higher, supported by scattered demand in thin trade, while hard red winter wheat basis was steady, traders said.

Barge freight was flat amid sluggish demand in most areas around the Midwest.

Water on the upper Mississippi River and its northern tributaries expected to raise high enough to prevent barge loading at some grain elevators, thereby limiting demand for empty barges, traders said.

Demand from exporters for corn barges was minimal and more aggressive bids from domestic processors diverting supplies away from the river market, traders said.

Continued talk that China bought a large volume of both old-crop and new-crop US corn could not be confirmed.

South Korea's NOFI seeking a total of 245,000 tonnes of US No. 3 or better yellow corn, along with soy-meal and rapeseed meal.

South Korea KOCOPIA seeking 40,000 to 55,000 tonnes of corn for November delivery.

Private exporters report sale of 120,000 tonnes US soybeans to China for 2011-12 delivery, USDA said.

CIF corn basis bids for June loadings were 62 cents a bushel over Chicago Board of Trade July futures, up 2 cents from late Thursday.

June CIF soybean basis bids were steady at 73 cents a bushel over CBOT July futures.

CIF soft red winter wheat basis bids for June and July rose 5 cents to 80 over CBOT July.

Copyright Reuters, 2011