CIF/FOB Gulf Grain-Soybean barge basis eases on sluggish spot demand

CHICAGO, April 16 (Reuters) - Basis bids for soybeans delivered by barge to U.S. Gulf Coast terminals eased on Wednesday, amid lukewarm spot demand and as soybean buyers looked to the South American crop, traders said.

CIF corn basis bids also eased, offsetting support from a weakening U.S. dollar, traders said. .DXY

Traders are watching for updated news on U.S. President Donald Trump's trade war with China, as the dispute has accelerated China's shift toward soybeans from Brazil, where farmers are finishing a massive harvest.

U.S. corn farmers are set to plant one of their biggest areas in history this year.

But weekend rains will stall plantings in the southern and eastern Midwest, Commodity Weather Group said. Larger delays are expected in the Midwest and Delta regions toward the end of April, the firm said.

The USDA is due to release weekly export sales data on Thursday morning.

CIF Gulf soybean barges loaded in April were bid down 3 cents at 79 cents over CBOT May futures; May loadings were bid down 3 cents at 78 cents over futures.

Export premiums for soybeans loaded in April were steady at about 94 cents over May futures, while May shipment offers also were steady at about 87 cents over futures.

CIF Gulf corn barges loaded in April were bid at 73 cents over CBOT May corn CK25 futures, down 2 cents from Tuesday.

FOB export premiums for corn shipped in April were steady, offered at about 87 cents over May corn futures, while May shipment offers also were steady at about 86 cents over 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