CIF/FOB Gulf Grain-Soybean barge basis bids turn lower, corn steady

CHICAGO, June 11 (Reuters) - Basis bids for soybeans delivered by barge to U.S. Gulf Coast terminals turned lower on Wednesday, following weaker basis bids at some Midwest crushing sites, traders said.

• Some domestic crushers in the interior Midwest lowered their bids, which brokers said would likely result in more soy supplies heading to the Gulf. That, in turn, pressured Gulf basis bids.

• Basis bids for corn were steady, as the U.S. and China agreed on the framework of a trade truce. U.S. President Donald Trump is reviewing the details of the trade deal with his team, the White House said on Wednesday.

• Trade tensions have roiled for months between China, the world's largest importer of soybeans, and the U.S., the world's number two supplier of the oilseed.

• Traders said that some exporters were waiting for Thursday's monthly supply/demand report from the U.S. Department of Agriculture, as analysts expect the agency to cut its forecasts of domestic corn stockpiles.

• Temperatures have been well below normal in the U.S. Midwest, according to weather forecaster Vaisala, slowing germination and early growth of corn and soybeans.

• CIF soybean barges loaded in June were bid at 66 cents over Chicago Board of Trade July SN25 futures, down 4 cents.

• July soybean barge loadings traded at 74 cents over futures.

• FOB export premiums for soybeans loaded from the Gulf in June were offered at about 80 cents over July futures, steady from Tuesday.

• For corn, CIF barges loaded in June were bid at 67 cents over CBOT July corn futures CN25, steady from Tuesday.

• FOB export premiums for corn shipped from the Gulf in June were steady at about 82 cents over CBOT July corn 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