CIF/FOB Gulf Grain-Corn barge basis weakens

CHICAGO, Dec 26 (Reuters) - Spot basis bids for corn shipped by barge to U.S. Gulf Coast export terminals eased on Thursday, while soy barge bids were mostly steady to weaker, traders said.

* Traders are watching for global export demand to shift to South America from the U.S. as Brazil, the world's biggest soybean supplier, benefits from favorable crop weather.

* Rains are set to aid developing crops in northern Brazil over the next two weeks, Commodity Weather Group said, after farmers wrapped up soy plantings.

* But stressful dry weather is forecast for growing areas of Argentina, the world's biggest exporter of soymeal and soyoil.

* U.S. soybean futures rose more than 1% and soymeal futures touched a two-month high, while corn futures set a six-month high. GRA/

* The U.S. Department of Agriculture on Friday is expected to report 2024-25 U.S. export sales of 1 million to 1.6 million metric tons for corn and 1 million to 1.8 million tons for soybeans for the week ended on Dec. 19.

* Traders are looking for U.S. soybean sales to China, the world's biggest importer of the oilseed, after Chinese buyers increased imports from the U.S. in November.

* CIF corn barges loaded in December were bid about 66 cents over Chicago Board of Trade March corn CH25 futures, down two cents from Tuesday.

* Corn barges loaded in January were bid at 67 cents over CBOT March corn CH25 futures, down two cents, and February barges were bid at 71 cents over, also down two cents.

* FOB offers for corn shipped from the Gulf in January stayed steady at 86 cents over CBOT March futures.

* CIF soybean Gulf barges loaded in December were bid at 86 cents over CBOT January SF25 futures, unchanged from Tuesday.

* FOB export premiums for January soybean shipments were flat at about 108 cents over futures.

(Reporting by Tom Polansek; Editing by Vijay Kishore)

((Thomas.Polansek@thomsonreuters.com))

For displays of CIF basis, click on the codes in brackets:
U.S. CIF Gulf soybeans GRYM
U.S. CIF Gulf corn GRYN
U.S. CIF Gulf SRW wheat GRYO
U.S. CIF Gulf HRW wheat GRYP
For displays of FOB basis, please click on the following codes in brackets:
U.S. FOB Gulf corn GRZC
U.S. FOB Gulf soybeans GRZD
U.S. FOB Gulf SRW wheat GRZE
U.S. FOB Gulf HRW wheat GRZF

LINKS Corn prices page:   cpurl://apps.cp./cms/?pageid=corn-cash-market
Wheat prices page:  cpurl://apps.cp./cms/?pageid=wheat-cash-market
U.S. barge freight                  BG/US
U.S. export sales estimates         USDA/EST
U.S. grain export summary           GRA/U
Brazil soybean export prices        SYBS
Brazil corn export prices           SYBX
Argentina grain prices              GRA/ARG
Russia grain prices                 GRA/RU