CIF/FOB Gulf Grain-Soy barge bids flat-up, traders await US export sales data

CHICAGO, June 4 (Reuters) - Basis bids for soybeans delivered by barge to U.S. Gulf Coast terminals were flat to slightly higher on Wednesday as U.S. supplies began looking more competitive on the world market, traders said.

• U.S. soybeans are moving into a more competitive position because farmers in Brazil, a rival supplier, are increasingly focusing on selling corn instead of soy, a trader said.

• Slowing farmer sales of soybeans in Brazil have shifted some global buying interest to the U.S. and also underpinned FOB premiums, the trader said.

• Brazil is the world's top soybean supplier and competes with the United States for export sales.

• Traders were waiting for updates on Washington's trade negotiations with China, the world's biggest soybean buyer.

• U.S. President Donald Trump called China's Xi Jinping "extremely hard to make a deal with," exposing frictions after the White House raised expectations for a long-awaited phone call between the two leaders this week.

• CIF soybean barges loaded in June were bid at 69 cents over Chicago Board of Trade July SN25 futures, up one cent from Tuesday.

• FOB export premiums for soybeans loaded from the Gulf in June were offered at about 78 cents over July futures, which were unchanged.

• For corn, CIF barges loaded in June were bid at 66 cents over CBOT July corn futures CN25, which was unchanged.

• FOB export premiums for corn shipped from the Gulf in June were flat at about 78 cents over CBOT July corn futures. Premiums rose for shipments later in the year.

• The U.S. Department of Agriculture on Thursday was expected to report weekly U.S. corn export sales of 775,000 to 1.4 million metric tons for 2024-25 and 20,000 to 250,000 metric tons for 2025-26, analysts said.

• Weekly U.S. soybean export sales were estimated at 100,000 to 500,000 metric tons for 2024-25 and zero to 100,000 metric tons for 2025-26.

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