CIF/FOB Gulf Grain-Soy, corn basis bids drop as futures prices jump

CHICAGO, March 9 (Reuters) - Basis bids for soybeans and corn shipped by barge to U.S. Gulf Coast terminals fell on Monday, traders said, as futures prices temporarily climbed.

• Chicago Board of Trade soybean Sv1 futures touched their highest point in 21 months, while corn Cv1 futures hit a 10-month peak before the markets ended lower.

• Some traders worried that higher prices would reduce U.S. export demand.

• Soybean offers in top exporter Brazil also fell, a trader said.

• Soybean export demand has been sluggish as global buyers have turned to cheaper supplies of newly harvested Brazilian soy. Strong export demand for U.S. corn cooled after prices rallied recently, traders said.

• The U.S. Department of Agriculture reported that 879,190 metric tons of U.S. soybeans and 1.5 million metric tons of U.S. corn were inspected for export last week.

• Traders were looking ahead to a monthly crop supply and demand report due for release by the USDA on Tuesday.

• CIF Gulf soybean barges loaded in March were bid 9 cents lower at 68 cents over CBOT May SK26 soybean futures.

• April barges traded at 79 cents over futures.

• FOB export premiums for soybeans loaded from the Gulf in March were steady at 115 cents over May futures.

• For corn, CIF Gulf barges loaded in March were bid 7 cents lower at 77 cents over CBOT May CK26 futures.

• April barges traded at 77 cents over futures.

• FOB corn export premiums for March corn loadings remained at about 105 cents over May CK26 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