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CIF/FOB Gulf Grain-Soybean basis firms on good export demand



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Sept 23 (Reuters) -Basis bids for soybeans shipped by barge to the U.S. Gulf Coast were mostly higher on Monday on tight nearby loading capacity and firm demand from China, while corn basis bids were flat to lower, traders said.

* Chinese importers have stepped up purchases of U.S. soybeans over the past week for shipment from October and beyond, traders said. The U.S. Department of Agriculture on Monday confirmed 165,000 metric tons in sales to undisclosed buyers, which traders said were likely Chinese importers.

* Shipping woes on the lower Mississippi River due to low water continued to impede movement of grain to Gulf export terminals. Low water has triggered restrictions on barge drafts and tow sizes and driven up freight costs. BG/US

* The USDA said 485,216 metric tons of soybeans were inspected for export last week, in line with trade estimates and nearly all from the Gulf Coast. Corn inspections topped estimates at 1,102,826 tons. USDA/I

* CIF September soy barges were bid 8 cents higher at 78 cents over Chicago Board of Trade November soybean SX24 futures. October soybean barges traded at 81 and 82 cents to 80 cents over futures, up 9 to 10 cents from late Friday bids, traders said.

* FOB soy export premiums for the first half of November, the earliest available loading slot, held steady at around 132 cents over futures, while last-half November offers were 123 cents over futures.

* CIF corn barges loaded in September were bid 3 cents lower at 65 cents over CBOT December CZ24 futures. October barge bids fell 5 cents to 69 cents over futures.

* FOB Gulf export premiums for corn were 115 cents over futures for first-half November shipment and 112 cents over for last-half, both flat.




Reporting by Karl Plume in Chicago; Editing by Alan Barona

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
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