CIF/FOB Gulf Grain-Soy barge bids ease as CBOT rally spurs farmer sales

CHICAGO, Feb 5 (Reuters) - Basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals softened a bit on Thursday as this week's surge in Chicago Board of Trade soybean futures to two-month highs above $11 a bushel spurred a round of farmer grain sales, traders said.

• CBOT soybean futures Sv1 rose 1.8% on Thursday, following a 2.5% jump a day earlier after U.S. President Donald Trump said China was considering hiking U.S. soybean purchases to 20 million metric tons in the current season, up from 12 million tons.

• Brokers noted a pickup in cash sales of soybeans and corn as futures rose, steering more grain into Midwest marketing channels that feed exporters at the Gulf.

• The soy basis fell at several Midwest crushing plants as well, according to spot checks.

• CIF Gulf soybean barges loaded in February were bid at around 107 cents over Chicago Board of Trade March SH26 futures, down 4 cents from Wednesday.

• FOB export premiums for soybeans shipped from the Gulf in February held at around 126 cents over March futures, and March FOB offers were unchanged at 130 cents over futures.

• For corn, February CIF corn barges were bid at 109 cents over CBOT March CH26 corn futures, unchanged from Wednesday.

• FOB export premiums for corn shipped from the Gulf in February were unchanged at around 121 cents over March futures, and March FOB offers were steady at 120 cents over futures.

• Warmer weather over the next week is expected to help ease navigation on the Illinois River, where ice has stalled barge traffic.

• Still, barge freight rates held at elevated levels due to the weather-related delays. BG/US

• The U.S. Department of Agriculture reported export sales of U.S. old-crop soybeans in the week to January 29 at 436,900 metric tons, at the low end of trade expectations for 400,000 to 1,600,000 tons. EXP/SOY

• The USDA reported weekly sales of old-crop corn at 1,041,200 tons, toward the low end of trade expectations for 800,000 to 2,100,000 tons. EXP/CORN

• Weekly export sales of U.S. old-crop wheat totaled 373,900 tons, versus trade expectations for 300,000 to 600,000 tons. EXP/WHE