CIF/FOB Gulf Grain-Corn, soybean barge bids weak as supplies swell

CHICAGO, Nov 6 (Reuters) - Basis bids for corn and soybeans shipped by barge to the U.S. Gulf Coast were mostly lower on Thursday as accelerated farmer sales this week bolstered supplies in the export pipeline, traders said.

• Soybean barge basis bids were also anchored by slow export sales to China, which, the White House says, agreed last week to buy large volumes of U.S. soybeans before the end of the year. Futures rallied earlier this week on the anticipated demand and many farmers sold some of their harvest at the higher prices, but exporters have reported only minimal sales so far.

• Spot U.S. soybean prices have risen this week to a premium to Brazilian shipments. As a result, China and other importers have been booking Brazilian purchases instead of U.S. soy.

• Tight near-term grain loading capacity at Gulf and Pacific Northwest terminals kept a firm floor under export premiums, traders said.

• CIF Gulf soybean barges loaded in November traded at 71 cents a bushel over Chicago Board of Trade January SF26 futures and were bid 70 cents over futures on Thursday afternoon, down about 3 cents from bids a day earlier.

• FOB export premiums for soybeans loaded in December held steady at around 107 cents over CBOT January SF26 futures. Export premiums in deferred shipping slots were up 1 to 3 cents.

• November corn barges were bid 2 cents lower at 81 cents over CBOT December CZ25 futures.

• FOB export premiums for December corn shipments were flat around 102 cents over 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