CIF/FOB Gulf Grain-Corn, soybean barge basis steady-firm after weekly futures drop

CHICAGO, June 27 (Reuters) - Basis bids for corn and soybeans shipped by barge to the U.S. Gulf Coast for export were steady to firmer on Friday after sharply lower futures prices this week slowed farmer marketings, traders said.

• Chicago Board of Trade corn futures fell more than 3% this week and several contracts hit lifetime lows. CBOT soybeans were also down more than 3% in the week. Both commodities were pressured by favorable U.S. crop weather. GRA/

• Corn export demand remained moderate for near-term supplies, while demand for deferred U.S. shipments was muted as buyers awaited an expected bumper harvest in Brazil.

• U.S. soybean export demand was generally slow as newly harvested Brazilian supplies were available at more competitive prices for importers in Asia.

• The U.S. Department of Agriculture on Friday confirmed private sales of 119,746 metric tons of U.S. new-crop soybeans to Mexico.

• CIF corn barges loaded in June were bid 2 cents higher at 71 cents over Chicago Board of Trade July futures CN25 while July barge bids gained 3 cents to 72 cents over futures.

• FOB export premiums for corn shipped from the Gulf in July held steady at 77 cents over July futures while August shipments were offered steady at 85 cents over September futures CU25.

• CIF soybean barge bids for June loadings were unchanged at 65 cents over CBOT July futures SN25 and July barge bids were flat at 73 cents over July futures.

• FOB export premiums for soybeans loaded in July were about 2 cents weaker at around 80 cents over August futures SQ25. August premiums slipped to 82 cents over August 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