CIF/FOB Gulf Grain-Soybean barge basis mixed, corn basis flat

CHICAGO, Feb 25 (Reuters) - Spot basis bids for soybeans delivered by barge to the U.S. Gulf Coast were mixed on Tuesday, while corn bids remained steady, traders said.

The U.S. continues to face intense competition for global soy sales. Top supplier Brazil remains the lowest-cost soy supplier on the world market, though Brazilian basis has firmed, a broker said.

In Argentina, another major soy and corn supplier, widespread rains and lower temperatures over the next week should improve soil moisture in major crop-growing areas, weather firm Maxar said.

U.S. corn futures fell to a three-week low amid improving weather outlooks for South American crop regions.

Traders are waiting for the U.S. Department of Agriculture to issue domestic planting estimates at its annual Agricultural Outlook Forum on February 27. They expect farmers to plant more acres of corn than last year because it looks more profitable than soy.

Traders also monitored risks for tit-for-tat tariffs to disrupt agricultural trading after U.S. President Donald Trump said proposed levies on Mexican and Canadian imports were on track to be implemented.

CIF soybean barges loaded in February were bid 1 cent weaker at 85 cents over CBOT March futures SH25, while March loadings were up 2 cents at 84 cents over futures.

FOB export premiums for March soybean loadings were flat at 91 cents over futures.

CIF corn barges loaded in February were bid at 84 cents over CBOT March futures CH25, while March barges bid at 78 cents over futures. Both were unchanged.

Export premiums for corn loaded in the first half of March were 95 cents over futures, while last-half offers were 90 cents over futures. Both were flat.

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