CIF/FOB Gulf Grain-Spot corn, soy barge basis rises

CHICAGO, March 5 (Reuters) - Spot basis bids for corn and soybeans delivered by barge to the U.S. Gulf Coast turned higher on Wednesday, as futures recovered amid signs that U.S. tariffs against Canada and Mexico may be reduced, traders said.

Chinese buyers have turned their attention to South American soybean supplies after U.S. President Donald Trump enacted larger duties on Chinese goods, and despite strength in the Brazilian BRL= currency last month.

However, this is normally the time of year when China relies more heavily on Brazilian supplies, traders said.

Brazil is in the midst of harvesting an expected record soybean crop, which had weighed on U.S. prices prior to Trump's tariff moves this year.

Ahead of the U.S. Department of Agriculture's weekly export sales report on Thursday, traders expect the government to report sales of U.S. old-crop soybeans in the week ended February 27 at 300,000 to 550,000 metric tons.

Barge freight - though still elevated - is showing signs of leveling off, one trader said, and could move lower as the weather warms.

CIF soybean barges that were loaded in March loadings were bid 3 cents higher at 89 cents over CBOT March futures SH25.

FOB export premiums for March soybean loadings were unquoted, while FOB premiums for April soybean loadings were offered at 84 cents over CBOT May futures SK25.

CIF corn barges that were loaded in June-July traded at 67 cents over CBOT July futures CN25.

CIF corn barges that were loaded in February were bid up 2 cents at 65 cents over CBOT May futures CK25. March barges were bid 3 cents higher at 63 cents over May futures.

Export premiums for corn loaded in March were around 74 cents over May futures, down 1 cent. Corn FOB values have been flat or weaker in recent days, as demand has slowed, traders said.

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