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

CHICAGO, July 1 (Reuters) - Basis bids for soybeans and corn shipped by barge to the U.S. Gulf Coast for export were mostly steady to higher on Tuesday, as grain futures slumped sharply on the day, traders said.

• Chicago Board of Trade corn futures fell to contract lows on Tuesday as more favorable crop conditions than expected bolstered production prospects in the U.S. and reinforced expectations of ample supplies of the cereal.

• U.S. soybeans were nearly unchanged as rising soyoil prices offset early pressure from steady but still-strong U.S. crop conditions and good Midwest crop weather, traders said.

• On Tuesday, the U.S. Department of Agriculture corrected a report it put out on June 24 about the sale of U.S. corn to Mexico. The USDA said that exporters have sold 502,920 metric tons of U.S. corn — not 554,400 tons — for delivery to Mexico in the 2025/2026 marketing year, and 68,580 tons — not 75,600 — for delivery in the 2026/2027 marketing year.

• CIF corn barges loaded in June were steady at 71 cents over Chicago Board of Trade July futures CN25. July corn barge bids were steady at 71 cents over futures.

• FOB export premiums for corn shipped from the Gulf in July held steady at 77 cents over July futures; August shipments were also steady, offered at 84 cents over September futures CU25.

• CIF soybean barge bids for July loadings traded at 77 cents and 78 cents over CBOT July futures SN25. October loadings traded at 71 cents over CBOT November futures SX25.

• CIF soybean barge bids for July loadings were bid at 76 cents over July futures, up 1 cent.

• FOB export premiums for soybeans loaded in July were steady at around 81 cents over August futures SQ25. August premiums were at 83 cents over August futures, steady 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