Soy, corn barge bids firm on exporter demand

Basis bids for soybeans and corn shipped by barge to the U.S. Gulf Coast firmed on Thursday as a flurry of recent export sales spurred exporter demand, traders said.

* The U.S. Department of Agriculture (USDA) on Thursday confirmed private sales of 106,000 tonnes of U.S. new-crop soybeans to China, following a series of old-crop corn and soy sales confirmed by the government since last week.

* CIF Gulf soybean barges loaded in January were bid at 115 cents over Chicago Board of Trade (CBOT) March (SH3) soy futures, up a penny from Wednesday. February barges were bid at 108 cents over futures, up 2 cents.

* March soy barges traded at 102 cents over March futures, up 3 cents from Wednesday's traded values, and were re-bid at 100 cents over futures.

* FOB offers for February soybean shipments were around 130 cents over March futures, up 5 cents from Wednesday.

* For corn, CIF Gulf barges loaded in January were bid at 87 cents over CBOT March corn (CH3) futures, up 1 cent from Wednesday. February-loaded corn barges were bid at 89 cents over futures, also up a penny.

* FOB offers for February corn shipments were around 95 cents over CBOT March futures, up 3 cents, and March shipments were offered at 98 cents over futures, up 2 cents.

* The USDA's weekly export sales report showed brisk sales of corn, soybeans and wheat in the week ended Jan. 19, especially compared to recent weeks. The government put sales of old-crop corn at 910,400 tonnes, in line with trade expectations and up 46% from the prior four-week average.

* The USDA pegged old-crop soybean sales at 1,145,700 tonnes, near the high end of trade expectations for 600,000 to 1,200,000 tonnes and up 53% from the prior four-week average.

* Export sales of U.S. old-crop wheat for the week totaled 500,400 tonnes, topping a range of trade expectations for 150,000 to 500,000 tonnes and up 84% from the prior four-week average.