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

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
	
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)

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