CIF/FOB Gulf Grain-Corn barge basis bids firm, soy steady to lower

CHICAGO, March 7 (Reuters) - Spot basis bids for corn delivered by barge to the U.S. Gulf Coast ticked up on Friday, while soybean bids were steady to lower, as volatility in U.S. trade policies with its top export markets continued, traders said.

U.S. President Donald Trump on Friday railed against what he called tremendously high Canadian tariffs on dairy and lumber, and said his administration could soon impose reciprocal tariffs on Canadian products.

Barge freight rates were steady to higher on Friday. BG/US

Traders said they were waiting to see how recent tariffs would impact the data the U.S. Department of Agriculture's monthly supply and demand report, slated to be released Tuesday.

Spot basis bids for corn and soybeans ticked up in the U.S. Midwest as industry players evaluated changes in U.S. trade policy while farmers remained reluctant to sell at relatively low prices.

Chicago Board of Trade corn futures Cv1 rose for a third straight session on Friday as news of exemptions for Mexico and Canada to most U.S. tariffs allowed grain prices to stabilize after a plunge early this week. Soybean futures were flat to narrowly mixed.

CIF soybean barges that were loaded in March loadings were bid 1 cent lower at 90 cents over CBOT March futures SH25.

FOB export premiums for March soybean loadings were thinly 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, steady from Thursday.

CIF corn barges that were loaded in March were bid up 1 cent at 66 cents over CBOT May futures CK25. April loadings were bid at 64 cents over May futures, up 1 cent.

Export premiums for corn loaded in March and April were both offered at around 75 cents over May futures, steady from Thursday.

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