CIF/FOB Gulf Grain-Corn barge basis bids creep higher

CHICAGO, March 27 (Reuters) - Spot basis bid rose slightly for corn delivered by barge to the U.S. Gulf Coast on Thursday, traders said.

The United States has the most competitive bid for corn sales globally, making it a more attractive supplier than rivals such as Brazil, a trader said.

U.S. corn export sales were 1,039,600 metric tons for 2024-25 in the week that ended on March 20, down 31% from the previous week but unchanged from the prior four-week average, the U.S. Department of Agriculture said.

Weekly U.S. soybean export sales of 338,500 metric tons for 2024-25 were down 4% from the previous week and 28% from the prior four-week average, according to USDA.

Corn export sales were within analysts' estimates, while soybean sales were toward the low end of expectations.

Chicago Board of Trade corn futures Cv1 dipped to the lowest in more than three weeks on expectations of increased U.S. plantings this spring.

USDA is expected to estimate on Monday that farmers will plant about 94.4 million acres of corn, up from about 90.6 million in 2024, according to a Reuters poll of analysts.

CIF Gulf corn barges loaded in March were bid at 76 cents over CBOT May CK25 corn futures, up 1 cent from Wednesday. April corn barges were bid at 71 cents over futures, which was also up 1 cent.

FOB export premiums for corn shipped from the Gulf in April were about 77 cents over futures, down 3 cents. Offers for May corn shipments were about 73 cents over futures, 3 cents lower.

CIF Gulf soybean barges loaded in March were bid at 83 cents over CBOT May SK25 soybean futures, while April soy barges were bid at about 76 cents over futures. Both were flat from Thursday.

FOB export premiums for soybeans shipped from the Gulf in May, the first month available, continued to be offered at about 87 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