CIF/FOB Gulf Grain-Corn barge basis steady-firm on lower futures, soy mixed

CHICAGO, June 23 (Reuters) - Basis bids for corn delivered by barge to U.S. Gulf Coast export terminals were steady to slightly higher on Monday as futures prices retreated on crop-boosting weather, traders said.

• CIF soybean basis bids at the Gulf were weak for spot shipments following a surge in incoming supplies since Midwest crushers slashed bids more than a week ago. Deferred CIF bids were steady to firm as futures prices dropped.

• Chicago Board of Trade corn futures Cv1 fell to a seven-month low on Monday while soybeans Sv1 posted their biggest percentage drop in more than a month amid favorable crop weather in the U.S. farm belt. GRA/

• The U.S. Department of Agriculture said 1,476,638 metric tons of U.S. corn were inspected for export in the week ended June 19, within trade expectations but down 13% from a week earlier. Soybean inspections fell 14% to 192,890 tons, the lowest for a single week since mid-July 2024.

• The advancing corn and soybean harvests in South America kept a lid on demand for U.S. shipments, although U.S. corn sales have been exceeding expectations in recent weeks.

• CIF soybean barge bids were lower for June loadings at 58 cents over Chicago Board of Trade July futures SN25. July barges were bid steady at 73 cents over futures.

• FOB export premiums for soybeans loaded from the Gulf in June were around 78 cents over July futures and July premiums were 74 cents over futures, both unchanged from Friday.

• CIF corn barges loaded in June were bid a penny higher at 68 cents over CBOT July corn futures CN25. July loadings were up 2 cents at 69 cents over futures.

• FOB export premiums for corn shipped from the Gulf in June were steady at 81 cents over July futures. July shipments were offered steady at 75 cents over futures.

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