CIF/FOB Gulf Grain-Corn barge basis firm on strong export demand, soy bids flat to lower

CHICAGO, July 31 (Reuters) - Basis bids for corn shipped by barge to U.S. Gulf Coast terminals firmed on Thursday on good export demand after increased farmer selling of old-crop supplies had pressured values earlier in the week, traders said.

• CIF soybean basis bids were flat to lower on slow demand.

• U.S. corn is competitively priced in the world market and export sales have ramped up for shipments from the Gulf Coast and the Pacific Northwest, traders said.

• The U.S. Department of Agriculture reported net U.S. corn export sales last week at 2,232,836 metric tons for shipments in the current and next marketing years, the largest for a single week since last October. EXP/CORN

• In addition, the USDA on Thursday confirmed private sales of new-crop corn totaling 376,000 tons to Colombia, South Korea and undisclosed locations via its daily reporting system.

• CIF Gulf corn barges loaded in July were bid 3 cents higher at 82 cents over Chicago Board of Trade September CU25 futures. August corn barge bids rose a penny to 82 cents over futures.

• FOB export premiums for corn shipped from the Gulf in September rose 7 cents to 115 cents over September futures. October offers were up a penny at 97 cnets over December futures CZ25.

• CIF Gulf soybean barge bids for July loadings were unquoted. August bids were down 5 cents at 82 cents over August futures SQ25.

• FOB export premiums for soybeans shipped from the Gulf in September were flat at 94 cents over August futures. New-crop offers were down 3 to 5 cents.

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