CIF/FOB Gulf Grain-Corn, soybean barge basis steady-firm as futures ease

CHICAGO, June 24 (Reuters) - Basis bids for corn and soybeans shipped by barge to the U.S. Gulf Coast for export were steady to firm on Tuesday on moderate demand and lower futures prices, traders said.

• Chicago Board of Trade corn futures Cv1 fell to a 7-1/2 month low on Tuesday while soybeans Sv1 hit a three-week low, led by sharp declines in crude oil markets. GRA/

• 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, a record Brazilian second crop is expected to shift more demand away from the United States, traders said.

• Brazilian farmers will produce a record 123.3 million metric tons of second corn, agribusiness consultancy Agroconsult said on Tuesday after surveying fields in key producing regions nationwide.

• The U.S. Department of Agriculture confirmed private sales of 630,000 metric tons of U.S. corn to Mexico for shipment in the 2025/26 and 2026/27 marketing years.

• CIF corn barges loaded in June were bid a penny higher at 69 cents over CBOT July corn futures CN25 while July barge bids held steady at 69 cents over futures.

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

• CIF soybean barge bids for June loadings were 2 cents higher at 60 cents over CBOT July futures SN25. July barge bids were unchanged 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 Monday.

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