CIF/FOB Gulf Grain-Soy barge basis bids steady to slightly weaker

CHICAGO, Feb 24 (Reuters) - Spot basis bids for soybeans delivered by barge to the U.S. Gulf Coast were slightly lower or steady on Monday, traders said.

Corn bids were flat.

Traders monitored global demand amid competition for export sales from Brazil ahead of the start of U.S. plantings in the spring.

The U.S. Department of Agriculture is scheduled to issue domestic planting estimates at its annual Agricultural Outlook Forum on February 27. Traders expect farmers to plant more acres of corn and fewer acres of soy than last year.

U.S. export inspections were 858,679 metric tons for soybeans and 1.1 million metric tons for corn in the week ended February 20, USDA said. Analysts expected 350,000 to 900,000 tons for soy and 1 million to 1.75 million tons for corn.

The pace of soybean exports from Brazil during the first three weeks of February was 29% below the daily average compared to the same month last year, official Brazilian data showed.

Traders largely shrugged off a downgrade in AgRural's forecast for soybean output in top-supplier Brazil to 168.2 million metric tons, from 171 million it estimated in January. The estimate, if realized, would still represent Brazil's largest-ever soybean harvest.

CIF soybean barges loaded in February were bid 1 cent lower at 86 cents over CBOT March SH25 futures, while March loadings were flat at 82 cents over futures.

FOB export premiums for March soybean loadings were steady at 91 cents over futures.

CIF corn barges loaded in February were bid at 84 cents over CBOT March CH25 futures, while March barges bid at 78 cents over futures. Both were flat from Friday.

Export premiums for corn loaded in the first half of March were 95 cents over futures, while last-half offers were 90 cents over futures. Both were steady.

For displays of CIF basis, click on the codes in brackets:
U.S. CIF Gulf soybeans GRYM
U.S. CIF Gulf corn GRYN
U.S. CIF Gulf SRW wheat GRYO
U.S. CIF Gulf HRW wheat GRYP
For displays of FOB basis, please click on the following codes in brackets:
U.S. FOB Gulf corn GRZC
U.S. FOB Gulf soybeans GRZD
U.S. FOB Gulf SRW wheat GRZE
U.S. FOB Gulf HRW wheat GRZF

LINKS Corn prices page:   cpurl://apps.cp./cms/?pageid=corn-cash-market
Wheat prices page:  cpurl://apps.cp./cms/?pageid=wheat-cash-market
U.S. barge freight                  BG/US
U.S. export sales estimates         USDA/EST
U.S. grain export summary           GRA/U
Brazil soybean export prices        SYBS
Brazil corn export prices           SYBX
Argentina grain prices              GRA/ARG
Russia grain prices                 GRA/RU