CIF/FOB Gulf Grain-Corn export premiums firm, soy premiums soften

CHICAGO, May 5 (Reuters) - Export premiums for corn shipped from the U.S. Gulf firmed on Monday, reflecting brisk export demand for the grain, while soybean export premiums eased, according to traders.

• Weekly export inspections data underscored robust demand for U.S. corn. The U.S. Department of Agriculture (USDA) reported export inspections of U.S. corn in the latest week at 1,608,350 metric tons, toward the high end of trade expectations for 1,300,000 to 1,750,000 tons. USDA/I

• Soybean export inspections totaled 324,101 tons, at the low-end of trade expectations for 300,000 to 600,000 tons, and wheat inspections totaled 310,326 tons, below expectations for 400,000 to 600,000 tons. USDA/I

• FOB export premiums for corn shipped from the Gulf in June were about 78 cents over Chicago Board of Trade July CN25 corn futures, up 2 cents from Friday.

• In the CIF Gulf barge market, corn barges loaded in May were bid at 69 cents over CBOT May corn CK25 futures and June corn barges were bid at 67 cents over CBOT July futures.

• For soybeans, FOB export premiums for soybeans loaded from the Gulf in June were about 80 cents over CBOT July SN25 soybean futures, down 2 cents from Friday.

• Bids for CIF Gulf soybean barges loaded in May weakened as traders rolled the basis to the CBOT July soybean futures contract.

• CIF soybean barges loaded in May were bid on Monday at 66 cents over CBOT July SN25 futures, compared with the bid of 81 cents over CBOT May SK25 futures on Friday. The 15-cent drop in the basis bid exceeded the 7-1/2 cent spread between the May and July futures contracts, in effect lowering the bid.

• The USDA said the U.S. corn crop was 40% planted, as of Sunday, up from 24% the previous week and ahead of the five-year average of 39%.

• U.S. soybeans were 30% planted, as of Sunday, ahead of the five-year average of 23%.

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