March 18 (Reuters) – Basis bids for corn and wheat shipped
by barge to the U.S. Gulf were mostly steady to firm early on
Monday, supported by easing futures prices and tight supplies in
the export pipeline, traders said.
* CIF soybean basis bids were mostly steady, capped by
slowing export demand as South America’s harvest accelerates.
* Chicago Board of Trade grain and soybean futures retreated
in a broader commodities market selloff on concerns about euro
zone debt.
* The lower prices blunted farmer selling interest on Monday
after active old-crop corn sales last week and moderate old-crop
soybean sales.
* Domestic users such as ethanol makers and soy crushers
were more aggressive bidders than Gulf exporters, which kept a
floor under basis values despite weak export demand.
* CIF soybean basis bids for barges loaded in the first half
of March were unquoted amid light exporter demand. Last-half
March bids were 71 cents a bushel over the CBOT May soybean
contract. April bids held steady at 70 cents over.
* CIF corn basis bids for barges loaded in March were up 2
cents at 66 cents a bushel over May futures. Bids for
April barges were a penny higher at 64 cents over.
* Basis bids for CIF soft red winter wheat barges loaded in
March were up a penny at 71 cents a bushel over CBOT May
futures and April basis bids were steady 71 cents over.
* Export inspections last week were estimated at 20-30
million bushels wheat, 10-15 million bushels corn, 13-27 million
bushels soybeans, trade sources said. USDA to issue its weekly
report later on Monday morning.
To check displays of CIF basis, double-click on following:
U.S. CIF Gulf soybeans
U.S. CIF Gulf corn
U.S. CIF Gulf SRW wheat
U.S. CIF Gulf HRW wheat
LINKS:
* FOB U.S. Gulf Grain
* U.S. grain export summary
* Brazil soybean export prices
* Brazil corn export prices
* U.S. barge freight
(Reporting by Karl Plume in Chicago; Editing by Nick Zieminski)
