Corn, soybean barge basis steady-weak as futures gain

Basis bids for soybeans shipped by barge to the U.S. Gulf Coast were steady to weaker on Friday in a mild setback from sharp gains earlier in the week in spot loading positions as short-bought exporters replenished supply pipelines, dealers said.

* CIF corn basis bids were also steady to lower following midweek strength and on increased farmer selling.

* Higher corn and soybean futures prices also weighed on basis values in the CIF market. Chicago Board of Trade corn ZC1! climbed to a four-month peak on Friday, while soybeans ZS1! reached a six-week high.

* Traders are monitoring flooding in parts of Brazil that may have damaged some of the crop in Rio Grande do Sul, the No. 2 soy state.

* CIF Gulf soybean barges loaded in May were bid 53 cents a bushel over Chicago Board of Trade July futures (SN24), down about 3 cents. Bids for barges loaded last month or early this month were about 6 cents above the full-month May bid due to good demand for more immediate supplies.

* Premiums for soybeans loaded for export this month and in June were up 5 cents at around 60 cents over CBOT July futures (SN24).

* CIF Gulf corn barges loaded in May were bid 43 cents over CBOT July futures (CN24), down 2 cents. June barges were bid 44 cents over futures, also down 2 cents.

* FOB basis offers for May corn loadings were steady at around 50 cents a bushel over CBOT July futures. June premiums were up a penny at 50 cents over futures.