Soy, corn basis mixed amid market volatility

Basis bids for corn and soybeans shipped by barge to U.S. Gulf Coast terminals were mixed on Tuesday, as grain and oilseed futures dropped sharply and nearby supplies in the cash markets remained tight, traders said.

* Farmer sales to river elevators continue to be sluggish, as weakness in the futures market weighs on cash prices, chilling growers' interest in selling off remaining old crop grain or in booking sales for new crop.

* U.S. soybean and corn futures dropped sharply on Tuesday, on macroeconomic worries and market expectations this spring's planted crops off to a good start, despite dry conditions in parts of the U.S. Midwest.

* Brazil's soybean exports were lower in May than a previous forecast, while corn exports were higher than previously expected, according to Anec, a Brazilian trade group representing grain exporters.

* But record grain production and strong Chinese demand for farm commodities has cargo handling at Brazil's largest private port terminal Tiplam set to move record volumes this year.

* Reuters reported buyers in the United States are believed to have purchased about 60,000 tonnes of European Union origin wheat last week.

* CIF corn barges loaded in May were bid at 94 cents over CBOT July (CN3) futures, down 1 cent from Friday, with no offer.

* FOB corn export premiums held steady at 90 cents over July (CN3) futures for first-half June shipment and 85 cents over futures for last-half shipment.

* May soybean barges were bid 3 cents higher on Tuesday, at 95 cents over July (SN3) futures, with no offer.

* FOB Gulf soybean export premiums were 90 cents, down 3 cents, over July futures for first-half June loadings; and 88 cents, down 2 cents, over futures for last-half June loadings.