CIF/FOB Gulf Grain-Corn barge bids steady to down, USDA reports export sales

CHICAGO, May 30 (Reuters) - Basis bids for corn delivered by barge to U.S. Gulf Coast terminals were steady to weaker on Friday as the United States faced competition for export sales from cheaper supplies in South America, traders said.

• Argentina and Brazil are offering corn for export at values below the U.S. Gulf from July onward, with Argentina seen as the cheapest supplier, they said.

• Still, exporters sold a total of 210,560 metric tons of U.S. corn to unknown destinations, the U.S. Department of Agriculture said via a daily reporting system. Of the total, 145,560 metric tons was for 2024-25 delivery and 65,000 metric tons was for 2025-26.

• USDA also reported daily U.S. corn sales to Mexico and unknown buyers on Thursday.

• In the week that ended on May 22, U.S. corn export sales were 916,700 metric tons for 2024-25, down 34% from the prior four-week average, according to the USDA. Analysts expected 750,000 to 1.4 million metric tons.

• For 2025-26, export sales of 31,000 metric tons were toward the low end of analysts' estimates for 25,000 to 400,000 tons.

• At the Gulf, CIF corn barges loaded in May were bid at 67 cents over Chicago Board of Trade July corn futures CN25, after trading on Thursday at 68 cents over futures. June corn barges were also bid at 67 cents over futures, steady with where they traded on Thursday.

• FOB export premiums for corn shipped from the Gulf in June remained steady at about 78 cents over CBOT July corn futures.

• For soybeans, CIF barges loaded in May were bid at 64 cents over CBOT July SN25 soybean futures, which was unchanged. June soy barges were bid at 66 cents over futures, down a penny.

• FOB export premiums for soybeans loaded from the Gulf in June were nominally offered around 78 cents over July futures.

• Weekly U.S. soybean export sales were 146,000 metric tons for 2024-25, down 58% from the prior four-week average and below analysts' estimates for 150,000 to 500,000 metric tons.

• U.S. soybean export sales were 32,800 metric tons for 2025-26, the USDA said, compared to expectations for zero to 250,000 metric tons.

• China, the world's biggest soybean importer, has violated an agreement with the United States to mutually roll back tariffs and trade restrictions for critical minerals, U.S. President Donald Trump said.

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