CIF/FOB Gulf Grain-Corn and soybean basis bids remain largely steady
CHICAGO, Oct 26 (Reuters) - Basis bids for corn and soybeans shipped by barge to the US Gulf Coast were largely stable on Monday as Brazil's real currency posted its sharpest losses in years.
The real tumbled more than 11% against the US dollar in early spot trading following the surprise reelection of President Luiz Inacio Lula da Silva in Brazil.
The decline can make Brazilian exports less expensive for global buyers, giving Brazil a competitive edge over US supplies, analysts said.
Weekly loadings of US soybeans for export overshadowed corn loadings after US farmers focused on harvesting soybeans before corn this autumn.
The US Department of Agriculture reported that 2.5 million metric tons of US soybeans and 625,233 metric tons of US corn were inspected for export last week.
At the Gulf, CIF corn barges loaded in October were bid at 84 cents over Chicago Board of Trade December corn futures, down 1 cent from Friday.
December corn barges traded at 100 cents over futures. Last Thursday, they traded at 99 cents over futures.
FOB export premiums for Gulf corn loaded in November were flat at around 98 cents over futures.
CIF soybean barges loaded in October were bid at 108 cents over CBOT November soybean futures, which was unchanged.
Basis bids rose last week on Chinese demand, though the USDA did not report US soybean sales to China in its daily reporting system on Monday.
FOB export premiums for Gulf soybeans loaded in November were steady at about 120 cents over futures.
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