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CIF/FOB Gulf Grain-Soy basis bids slip on lackluster US export demand

Basis bids for soybeans shipped by barge to the U.S. Gulf Coast for export eased on Friday amid lackluster Chinese demand, traders said.

The United States faces stiff competition for global export sales from Brazil, the world’s top soy supplier. There was unconfirmed talk in the market about China buying more Brazilian soy cargoes for April or May shipment, brokers said.

Brazil’s soybean port premiums recovered against reference Chicago Board of Trade contracts this week, reflecting stronger international demand, the Center for Advanced Studies in Applied Economics said.

Brazilian farmers have harvested 46% of the soybean crop, consultancy Patria Agronegocios said, while U.S. farmers are preparing to plant their next crops this spring.

Analysts differ in their forecasts for Brazil’s production and exports as they try to assess the impact of adverse weather.

The U.S. Department of Agriculture is due to release weekly U.S. export inspections data on Monday.

CIF Gulf soybean barges loaded in February were bid at about 67 cents over Chicago Board of Trade March soybean SH24 futures, down 3 cents. March barge bids were down a penny at 67 cents over futures.

FOB soybean basis offers for March shipments were down 2 cents at about 78 cents over futures. Basis offers for April shipments eased a penny to about 69 cents over May futures. SK24

February and March corn barges were down a penny at 59 cents over CBOT March CH24 futures. Corn export premiums for March loadings were steady at around 65 cents over futures.
Source: Reuters (Reporting by Tom Polansek, Editing by Sandra Maler)

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