CIF/FOB Gulf Grain-Soybean barge basis bids firm; corn bids ease

Spot basis bids for soybeans shipped by barge to the U.S. Gulf Coast were steady to higher on Friday, amid signs of exporter demand for near-term shipments of oilseeds, traders said.

Basis bids for corn eased, traders said.

CIF Gulf soft red winter (SRW) wheat bids and offers GRYO, as well as FOB offers, for the spot and nearby months continued to soften on pressure from the Black Sea.

For a second day, the U.S. Department of Agriculture (USDA) reported exporters had canceled sales of U.S. SRW wheat to China.

On Friday, exporters canceled the sale of 110,000 metric tons of soft red winter wheat to China for delivery in the 2023/24 marketing year. On Thursday, exporters canceled the sale of 130,000 metric tons to China.

CIF Gulf soybean barges loaded in March traded at 58 cents over Chicago Board of Trade (CBOT) May SK24 futures.

CIF Gulf soybean barges loaded in March saw bids shift back to be priced over May futures, rather than March CH24 corn futures, as they had been on Thursday.

CIF Gulf barges loaded in March were bid at 56 cents over May futures; April loadings were bid at 57 cents over May futures, up 1 cent.

Export premiums for March soybean loadings out of the Gulf were steady at about 78 cents over March SH24 futures. Offers for April shipments ticked down 1 cent, at about 68 cents over May SK24 futures.

CIF Gulf corn barges loaded in March were bid steady, at about 62 cents over March CH24 corn futures, while April loadings were bid at 51 cents over May CK24 futures, down 1 cent.

FOB offers for March Gulf corn loadings were steady at around 54 cents over May futures. Offers for April loadings were 57 cents over futures, up 2 cents.
Source: Reuters (Reporting by P.J. Huffstutter; Editing by Shweta Agarwal)