CIF/FOB Gulf Grain-Corn barge bids ease, soybean bids steady to higher

CHICAGO, June 2 (Reuters) - Basis bids for corn delivered by barge to U.S. Gulf Coast terminals continued to turn lower on Monday, amid competition hunting for bargains amid hefty supplies from South America, traders said.

• Meanwhile, basis bids for soybeans were steady to slightly higher, as the Chicago Board of Trade soybean futures Sv1 fell to their lowest levels in seven weeks on worries about demand for U.S. oilseed supplies and generally favorable U.S. crop weather.

• Trade tensions between the U.S. and China, the world's biggest soybean buyer, remained after President Donald Trump on Friday accused China of violating an agreement with the U.S. to mutually roll back tariffs.

• Weekly U.S. grain inspections data reflected steady corn exports. The U.S. Department of Agriculture reported export inspections of U.S. corn in the latest week at 1,576,006 metric tons, slightly above trade expectations.

• Weekly soybean export inspections totaled 268,343 tons, while wheat inspections totaled 552,910 tons - both in line with trade expectations. USDA/I

• At the Gulf, CIF corn barges loaded in May were bid at 65 cents over Chicago Board of Trade July corn futures CN25, down 2 cents. June corn barges were bid at 66 cents over futures, down 1 cent.

• 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 had no bids, but were offered at 69 cents over CBOT July SN25 soybean futures. June soy barges were bid at 68 cents over futures, up 2 cents.

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