CIF/FOB Gulf Grain-Corn, soybean basis bids stay mostly flat
CHICAGO, Oct 27 (Reuters) - Basis bids for corn and soybeans shipped by barge to the US Gulf Coast remained generally steady on Tuesday, traders said, as they watched for export demand.
The US Department of Agriculture did not confirm US soybean sales to top importer China in its daily reporting system, after a string of sales over the past two weeks.
China's Sinograin sold 172,240 metric tons of imported soybeans, or 33.7% of the total volume, according to data from consultancy Mysteel.
For corn, the USDA may need to reduce its estimate for US exports following sluggish sales, traders said.
Chicago Board of Trade corn and soybean futures fell as US farmers harvested their crops.
At the Gulf, CIF corn barges loaded in October were bid at 84 cents over CBOT December corn futures, which was steady from Monday.
FOB export premiums for Gulf corn loaded in November were around 98 cents over futures.
CIF soybean barges loaded in October were bid at 108 cents over CBOT November soybean futures, which was unchanged from Monday.
FOB export premiums for Gulf soybeans loaded in November were about 120 cents over futures.
Traders continued to watch the Brazilian real after the currency on Monday dropped sharply against the US dollar in the wake of President Luiz Inacio Lula da Silva's reelection in Brazil, the world's biggest soybean supplier. A stronger dollar can make US supplies more expensive for overseas buyers and reduced export competitiveness.
For displays of CIF basis, click on the codes in brackets:
US CIF Gulf soybeans
US CIF Gulf corn
US CIF Gulf SRW wheat
US CIF Gulf HRW wheat
For displays of FOB basis, please click on the following codes in brackets:
US FOB Gulf corn
US FOB Gulf soybeans
US FOB Gulf SRW wheat
US FOB Gulf HRW wheat
LINKS
US barge freight BG/US
US export sales estimates USDA/EST
US grain export summary GRA/U
Brazil soybean export prices
Brazil corn export prices