CIF/FOB Gulf Grain-Soybean barge basis steady-firm as futures dive, corn bids mixed

CHICAGO, June 25 (Reuters) - Basis bids for soybeans shipped by barge to the U.S. Gulf Coast for export were steady to firm on Wednesday on a sharp drop in futures prices, traders said.

• Export demand for U.S. soybeans remained seasonally slow as newly harvested Brazilian supplies are available at cheaper prices. Top importer China has been booking South American shipments instead, while trade tensions with the United States continue to discourage Beijing from booking U.S. soy.

• CIF Gulf corn basis bids were mixed on Wednesday. Nearby values eased slightly from recent highs while deferred bids firmed amid weakening futures prices.

• Chicago Board of Trade corn futures Cv1 fell for a fourth straight session on Wednesday, reaching the lowest point since October. Soybeans Sv1 fell to the lowest level in 11 weeks. GRA/

• The U.S. Department of Agriculture is due to release weekly export sales data early on Thursday. Analysts polled by Reuters expect net old-crop corn sales at 500,000 to 1.2 million metric tons and new-crop sales of up to 350,000 tons. Soybean sales for shipment in the current marketing year were seen as high as 600,000 tons while new-crop sales were expected up to 150,000 tons.

• CIF corn barges loaded in June were bid a penny lower at 68 cents over CBOT July corn futures CN25 while July barge bids of 68 cents over futures were also down 1 cent. Bids for barges loaded in August and beyond gained 1 cent to 2 cents.

• 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 3 cents higher at 63 cents over CBOT July futures SN25. July barge bids held 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 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