CIF/FOB Gulf Grain-Soybean barge bids turn lower, corn steady to higher

CHICAGO, June 16 (Reuters) - Basis bids for soybeans delivered by barge to U.S. Gulf Coast terminals turned lower on Monday, as soyoil futures continued to rally on last week's biofuel news, traders said.

• CBOT July soyoil futures contract rose by its expanded daily limit on Monday, supported by U.S. biofuel blending proposals that are likely to increase demand, while favorable U.S. weather conditions drove corn futures lower.

• Lower corn prices could help extend the export window for U.S. grain this summer, brokers said.

• Basis bids for corn delivered by barge to the Gulf ticked higher, traders said.

• CIF soybean barges loaded in June were bid at 63 cents over Chicago Board of Trade July SN25 soybean futures, after having had no bids on Friday. July barge loadings were bid at 68 cents over July futures, down 3 cents.

• FOB export premiums for soybeans loaded from the Gulf in June were offered at about 79 cents over July futures, up 1 cent from Friday.

• Meanwhile, FOB export premiums for July soybeans turned lower, while August FOB firmed amid concern that old crop soybean supplies are tightening at a time when the Gulf export market becomes more competitive to South America, traders said.

• For corn, CIF barges loaded in June were bid at 66 cents over CBOT July corn futures CN25, up 1 cent.

• FOB export premiums for corn shipped from the Gulf in June were offered at about 80 cents over CBOT July corn futures, down 1 cent from Friday. Deferred month contracts eased.

• Steady farmer selling has put some pressure on soy cash basis, analysts said.

• The U.S. Department of Agriculture on Monday reported weekly export inspections of U.S. corn in the latest week at 1,673,023 metric tons, toward the top of a range of trade expectations for 1,000,000 to 1,600,000 tons.

• USDA also reported weekly export inspections of U.S. soybeans of 215,803 tons, within trade expectations.

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