CIF/FOB Gulf Grain-Corn barge bids rise, soybean bids turn lower

CHICAGO, Sept 8 (Reuters) - Basis bids for corn shipped by barge to U.S. Gulf Coast terminals firmed on Monday amid brisk export demand, while soybean bids turned lower as Chinese buyers continued to source oilseed supplies elsewhere, traders said.

• Weekly export inspections data reflected a strong pace of U.S. corn. The U.S. Department of Agriculture said 1,442,910 million metric tons of corn were inspected for export in the week ended September 4, within trade estimates for 800,000 to 1.7 million tons. USDA/I

• For wheat, weekly export inspections totaled 424,993 tons, within expectations for 300,000 to 800,000 tons.

• Soybean export inspections totaled 452,151 tons, in line with expectations for 300,000 to 500,000 tons. The data showed no soybean shipments bound for China.

• CIF Gulf soybean barges loaded in September were bid at around 50 cents over Chicago Board of Trade November SX25 futures, down 4 cents from Friday.

• FOB export premiums for soybeans shipped from the Gulf in October were flat at about 77 cents over November futures.

• For corn, CIF September barges were bid at 75 cents over CBOT December CZ25 corn futures, up 4 cents from Friday.

• FOB export premiums for corn shipped from the Gulf in October were steady at around 101 cents over December futures.

• Traders continue to monitor falling river levels on the Ohio and Mississippi rivers. Low water could impede barge movement in the coming weeks, raising freight rates just as the harvest ramps up. BG/US

• Chicago Board of Trade corn and soybean futures ended higher on Monday, ahead of a closely watched U.S. government monthly update on global crop supplies and demand, slated to be released on Friday.

• The trade is waiting to see in the U.S. Department of Agriculture reduces its forecast for a massive U.S. corn crop this fall — and if so, by how much.

• U.S. corn and soybean crop ratings fell for a second straight week, as corn harvest gets underway in Illinois and Indiana, USDA reported after the market closed 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