CIF/FOB Gulf Grain-Corn, soybean barge bids steady-firm as futures dip

CHICAGO, Feb 13 (Reuters) - Basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals were steady to firmer on Friday as futures prices eased, traders said.

• CIF corn basis bids were also steady to firm.

• But basis values for both corn and soybeans were down for the week following an increase in farmer sales to river elevators and as barge freight costs declined. Spot barge freight rates declined by as much as 75 points of tariff on Midwest rivers this week. BG/US

• Soybean export sales were seasonally slowing as rising supplies of newly harvested soy in Brazil lowered prices for shipments from the rival exporter.

• Brazil is expected to harvest a record soybean crop this year of nearly 178 million metric tons, crop agency Conab said. Its second corn crop was forecast to be 3.5% smaller than last year.

• Soybean demand from top importer China was quiet ahead of the Lunar New Year holiday, with many traders expected to be absent from the market next week.

• CIF Gulf soybean barges loaded in February and March were bid 2 cents higher at 104 cents over CBOT March SH26 futures.

• FOB premiums for February and March soybean export loadings were steady at around 130 cents over March futures.

• CIF corn barges loaded in February were bid a penny higher at 101 cents over CBOT March CH26 corn futures. March barges were 98 cents over futures, also up 1 cent.

• FOB corn export premiums held steady at around 127 cents over March futures, while March offers were unchanged at around 125 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