Soy barge bids firm, corn ease, ahead of US tariffs

Spot basis bids for soybeans delivered by barge to the U.S. Gulf Coast were higher on Friday, while corn bids eased, as Trump administration said it will roll out a wave of new tariffs on Canada, Mexico and China next week, traders said.

* Chicago Board of Trade grain and oilseed futures dipped on Friday, as worry about the longer-term impact of such tariffs on U.S. agricultural trade weighed heavy on the markets.

* Meanwhile, improved weather in South America, which is allowing for rapid harvests in both Brazil and Argentina, is putting more inventory into the global market, market analysts said.

* Cooler temperatures and rain forecasts throughout the U.S. Midwest next week should help river levels recover in some areas, traders said.

* Barge availability along the Illinois River remains tight in some areas, which supported prices.

* Chicago Board of Trade soyoil futures turned sharply lower on Friday, on an optimistic EU oilseed production forecast and heavier-than-expected deliveries against the board’s March soybean oil (BOH25) futures, traders said.

* The U.S. Department of Agriculture confirmed private sales of 20,000 metric tons of U.S. soybean oil to unknown destinations for shipment in the 2024/25 marketing year.

* CIF soybean barges loaded in February were bid at 92 cents over CBOT March futures (SH25), up 5 cents from Thursday, while March loadings were bid up 1 cent at 86 cents over futures.

* FOB export premiums for March soybean loadings were up 3 cents at 93 cents over futures.

* CIF corn barges loaded in February were bid at 77 cents over CBOT March futures (CH25), down 1 cent. March barges were bid at 75 cents over futures, down 1 cent.

* Export premiums for corn loaded in the first half of March were 97 cents over futures, up 2 cents. Offers for the last half of March were 92 cents over futures, steady from Thursday.
Source: Reuters