CIF/FOB Gulf Grain-Soybean, corn barge bids firm as Trump suspends some tariffs

CHICAGO, March 6 (Reuters) - Spot basis bids for corn and soybeans delivered by barge to the U.S. Gulf Coast turned higher on Thursday, as President Donald Trump suspended the 25% tariffs he imposed this week on most goods from Canada and Mexico, traders said.

Buyer interest in spot empty barge freight on the Illinois River helped support prices, traders said. BG/US

U.S. corn futures surged about 2%, and soybeans and wheat followed the firmer tone, with a weaker dollar .DXY adding support to agricultural markets by making U.S. goods more competitive globally.

The U.S. Department of Agriculture reported weekly soybean export sales at 352,900 tons, on the low end of analysts' estimates ranging from 300,000 to 550,000 tons.

U.S. exporters sold 20,000 tons of soybean oil to unknown destinations for 2024/25 delivery, USDA reported on Thursday.

CIF soybean barges that were loaded in June-July traded at 68 cents over CBOT July futures SN25.

CIF soybean barges that were loaded in March loadings were bid 2 cents higher at 91 cents over CBOT March futures SH25.

There is no real FOB offer for March right now, two brokers said. However, FOB export premiums for March soybean loadings were estimated to be offered at around 85 cents over CBOT May futures SK25.

Meanwhile, FOB premiums for April soybean loadings were offered at 86 cents over May futures - up 2 cents.

CIF corn barges that were loaded in March traded at 65 cents over CBOT May corn futures CK25.

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

Export premiums for corn loaded in March were around 75 cents over May futures, up 1 cent, while April loadings were also offered at 75 cents over May futures.

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