CIF/FOB Gulf Grain-Soybean barge basis higher in nearby loadings, corn basis flat-to-lower

CHICAGO, Jan 12 (Reuters) - Basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals were higher on Monday, following gains last week, as weakness in the U.S. dollar and a slump in futures could help bolster export demand, traders said.

• CIF corn basis values were flat-to-lower as supplies in the export pipeline swelled last week due to farmer sales, traders said.

• But farmers' interest in selling cooled on Monday, after the U.S. Department of Agriculture reported that U.S. farmers and grain companies held the most corn in storage ever as of December 1, and growers harvested a record-breaking crop that was even bigger than previously expected.

• Chicago Board of Trade corn futures Cv1 tumbled more than 5% on Monday's news.

• The USDA in a monthly report raised its U.S. corn production estimate to 17.021 billion bushels, topping a range of analyst estimates and far surpassing the previous record harvest of 15.340 billion bushels, set in 2023.

• Corn export demand has remained robust. Separately, the USDA reported export inspections of U.S. corn in the latest week at 1,489,936 metric tons, near the high end of trade expectations for 900,000 to 1,575,000 tons.

• Under its daily export reporting rules, the USDA confirmed private sales of 310,000 metric tons of U.S. corn to undisclosed destinations and another 204,000 tons to South Korea.

• Export premiums at the Gulf were propped up by strong demand and tight near-term loading capacity, traders said.

• CIF bids for Gulf soybean barges loaded in the February-March period traded at 94 cents over CBOT March soybean SH26 futures.

• CIF bids for Gulf soybean barges loaded in January were 3 cents higher at 93 cents over CBOT March soybean SH26 futures and February barges were bid a penny higher at 92 cents over futures.

• FOB Gulf offers for vessels loaded in February were steady at about 116 cents over March futures, and offers for March shipments were up 1 cent at 111 cents over futures.

• CIF Gulf January corn barges loaded in March traded at 90 cents over CBOT March corn CH26 futures.

• CIF Gulf January corn barges were bid down 2 cents at 82 cents over CBOT March corn CH26 futures, while February bids were steady at 88 cents over futures.

• FOB export premiums for February corn shipments were steady at 108 cents over March futures, dealers said.

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