CIF/FOB Gulf Grain-Soy, corn barge bids strengthen on exporter demand

CHICAGO, March 20 (Reuters) - Basis bids for soybeans and corn delivered by barge to the U.S. Gulf Coast firmed on Thursday, supported by exporter demand for grain at a time when barge delays on the mid-Mississippi River and a slow pace of farmer offerings kept Gulf supplies tight, traders said.

Farmer grain sales have lagged since late February as Chicago Board of Trade corn CK25 and soybean SK25 futures have declined, limiting grain movement into marketing channels that feed the Gulf. Producers in some areas are also busy with spring field work.

Meanwhile, ongoing repairs on Lock 27 on the Mississippi River near St. Louis have slowed barge movement, brokers said. The resulting tightness has kept the CIF market inverted, particularly for soybeans, with barges for March commanding a premium over later loadings.

CIF Gulf soybean barges loaded in March were bid on Thursday at 82 cents over Chicago Board of Trade May SK25 soybean futures, up 2 cents from Wednesday. April soy barges were bid at 75 cents over futures, also up 2 cents.

FOB export premiums for soybeans shipped from the Gulf in April held at around 90 cents over May futures, while offers for May shipments were up 2 cents at 88 cents over futures.

For corn, CIF Gulf barges loaded in March were bid at 69 cents over CBOT May CK25 corn futures, up 1 cent from Wednesday. April corn barges were bid at 68 cents over futures, up 2 cents.

FOB export premiums for corn shipped from the Gulf in April held steady at around 78 cents over futures and offers for May corn shipments were up 2 cents at about 74 cents over futures.

The U.S. Department of Agriculture reported export sales of U.S. old-crop corn in the week ended March 13 at 1,496,700 metric tons, toward the high end of a range of trade expectations, and up 45% from the prior four-week average. EXP/CORN

Export sales of old-crop soybeans for the week totaled 352,600 tons, below a range of trade expectations. EXP/SOY

In global news, Argentine oilseed workers lifted a strike and returned to work at soybean processing plants belonging to conglomerate Vicentin after the firm scheduled payments for overdue wages, union SOEA said. The union had initiated the strike last week at Vicentin's plants.

China's soybean imports from the United States jumped 84.1% in the first two months of 2025 compared with a year ago, but competitive pricing and a trade standoff with the U.S. is expected to boost purchases from Brazil in the months ahead.

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