Soybean barge basis mixed, corn mostly steady

Basis bids for soybeans shipped by barge to U.S. Gulf export terminals were mixed on Tuesday on lower freight costs and moderate spot demand as the peak U.S. export season will be winding down in the coming weeks, traders said.

* Accelerated farmer marketings in Argentina, incentivised by a more generous dollar exchange rate for sales of soybeans, were expected to weaken export prices and trigger additional export sales through the end of the year. U.S. soybean exports are likely to be impacted, traders said.

* CIF corn basis bids were mostly flat on muted demand.

* Easing barge freight rates capped corn and soybean basis gains. Spot freight rates on Midwest rivers were down 25 to 50 points on Tuesday in a second day of moderate declines.

* Rains across the Delta region were forecast to raise water levels on the lower Mississippi River. Low water had restricted barge shipping since September.

* CIF soybean barges loaded in November were bid 146 cents over Chicago Board of Trade (CBOT) January futures (SF3), down from trades at 150 cents over on Monday. December barge bids gained 5 cents to 145 cents over futures.

* Export premiums for soybeans shipped in the last half of December shed 5 cents to around 165 cents over futures.

* CIF corn barges loaded in November were bid steady at 130 cents over CBOT December futures (CZ2). December barges were flat at 122 cents over futures.

* Corn export premiums for late December loadings were steady at 145 cents over December futures.