CIF/FOB Gulf Grain-Corn basis bids steady-lower as US harvest expands

CHICAGO, Sept 18 (Reuters) - Basis bids for corn shipped by barge to U.S. Gulf Coast export terminals were flat to lower on Thursday on a slowdown in export demand from heightened levels earlier in the summer and as shippers awaited newly harvested supplies, traders said.

• The corn harvest is ramping up across the Midwest and record-large yields are expected.

• Firm barge freight costs due to low water on the Mississippi River limited basis declines in corn. Shippers have restricted barge drafts and tow sizes, limiting the amount of grain per barge and raising per-bushel freight costs.

• The U.S. Department of Agriculture said net U.S. corn sales in the week ended September 11 totaled 1,231,634 metric tons. The sales were more than double the prior week's sales, but well below sales that averaged more than 2.3 million tons in the previous six weeks.

• The USDA also reported an additional 110,000 tons in corn sales to Mexico via its daily sales reporting system.

• CIF soybean basis bids were mostly unchanged on Thursday, underpinned by firm freight rates but capped by concerns about export demand for autumn shipments.

• Net U.S. soybean export sales last week rose to 923,018 tons for 2025/26 shipment, down nearly 50% from the same week last year. Total new-crop sales on the books were 36% below the same time last year, according to USDA data.

• CIF Gulf soybean barges loaded in September were bid 3 cents higher at 57 cents over Chicago Board of Trade November SX25 futures.

• FOB export premiums for soybeans shipped from the Gulf in October were unchanged at 70 cents over November futures.

• CIF September corn barges were bid 3 cents lower at 75 cents over CBOT December CZ25 futures.

• FOB export premiums for October corn shipments were down a penny at 99 cents over December futures.