CIF/FOB Gulf Grain-Soybean, corn barge bids ease as US, Brazilian farmers sell crops

CHICAGO, May 5 (Reuters) - Spot basis bids for soybeans and corn shipped by barge to U.S. Gulf Coast terminals continued to ease on Tuesday, as farmers in both the U.S. and Brazil raced to sell their crops and take advantage of the recent rally in prices, traders said.

• The flurry of farmer selling weighed on Chicago Board of Trade soybean Sv1 and corn Cv1 futures on Tuesday, two traders said.

• At the Gulf, CIF soybean barges loaded in May were bid at 76 cents over Chicago Board of Trade July SN26 futures, down 3 cents from Monday. June loadings were bid at 80 cents over July futures, down 1 cent.

• FOB export premiums for Gulf soybean vessels loaded in June held steady at around 97 cents over July SN26 soybean futures, while loadings for May were also steady - offered at 107 cents over May SK26 futures.

• For corn, CIF barges loaded in May traded at 82 cents over CBOT July CN26 corn futures early in the day.

• CIF barges loaded in May were later bid at 81 cents over CBOT July CN26 corn futures, about a penny lower than Monday. June loadings were bid at 82 cents over July futures, down 3 cents.

• FOB export premiums for Gulf corn vessels loaded in June were unchanged at around 104 cents over July CN26 futures, steady from Monday.

• Empty barge freight rates were steady along key interior rivers, where water levels in some areas have crested and are starting to go down - making it easier for grain terminals to load barges, traders said. BG/US

• The National Weather Service is forecasting widespread precipitation across key grain growing regions this week, with rain and snow forecast for Colorado and western Kansas, storms tracking from Louisiana to Tennessee mid-week, and shower activity persisting across the Corn Belt and Gulf Coast through the weekend. Rains from Texas to Ohio are expected by Sunday.

• Two river barge sources said there was limited interest in the spot market for empty barges, but that exporters and brokers were seeking prices for barges to haul new crop corn and soybeans.

• Meanwhile, cash basis bids for corn were mostly steady to weaker in the U.S. Midwest on Tuesday as recent strength in CBOT corn futures spurred farmer selling, brokers said.

• The U.S. Department of Agriculture said the U.S. corn crop was 38% seeded by Sunday, ahead of the five-year average of 34%, and soybean planting was 33% complete, well ahead of the five-year average of 23%.

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