CIF Gulf Grain-Corn basis weak after sales spike; soy firm

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Jan 13 (Reuters) - Basis bids for corn shipped by barge to
the U.S. Gulf Coast fell to the lowest level in more than two
weeks early on Monday, pressured by a spike in sales following
the release of a bullish government crop report on Friday,
traders said.
* Soybean basis bids were firm for shipments in January and
February amid a slower pace of farmer sales and stronger export
demand, the traders said.
* Farmers sold large amounts of corn on Friday after the
U.S. Agriculture Department unexpectedly reduced their estimate

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of last year's corn crop, sending Chicago Board of Trade corn
futures to their biggest gains since April.
* But even with a decline in production, the corn harvest in
the United States still was the largest in history. Many
international buyers are delaying purchases amid ideas prices
will decline on pressure from plentiful global supplies.
* Soft red winter wheat bids held steady even as top global
buyer Egypt on Saturday announced that it purchased one cargo of
U.S. supplies.
* Barge freight costs were unchanged on Midwest rivers as
lower temperatures, melting ice and rainfall lifted water levels
on the rivers and improved shipping logistics.
* CIF basis bids for soybean barges loaded in the first half
of January were 130 cents over Chicago Board of Trade March
futures, while last-half January bids were 126 over, both
up about 1 to 3 cents.

* CIF basis bids for corn barges loaded in the first half of
January were 68 cents per bushel over Chicago Board of Trade
March futures, while last-half January barge bids were 67
over, down 1 to 2 cents.
* CIF basis bids for soft red winter wheat barges loaded in
January and February were flat at 95 cents over CBOT March
futures.

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 Coast Grain
* U.S. grain export summary
* Brazil soybean export prices
* Brazil corn export prices
* U.S. barge freight

(Reporting by Michael Hirtzer in Chicago; Editing by Meredith
Mazzilli)