CIF/FOB Gulf Grain-Soy barge bids firm; export premiums soften

CHICAGO, Aug 29 (Reuters) - Basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals firmed on Friday while export premiums for both soybeans and corn declined in choppy trade.

• U.S. markets and most offices will be closed on Monday in observance of the Labor Day federal holiday.

• Barge freight costs held steady on Midwest rivers.

• As dry conditions persist in the southern and eastern Midwest, market players are monitoring falling river levels on the Mississippi River at St. Louis, Missouri, and Memphis, Tennessee. Low water could impede barge movement in the coming weeks, raising freight costs just as the harvest ramps up. BG/US

• CIF Gulf soybean barges loaded in August were bid at 49 cents over Chicago Board of Trade November SX25 futures, up 3 cents from Thursday.

• FOB export premiums for soybeans shipped from the Gulf in October were around 80 cents over November futures, down 4 cents from Thursday.

• For corn, CIF Gulf August corn barges were thinly bid at around 77 cents over CBOT September CU25 corn futures, unchanged from Thursday.

• Some market players were rolling their bids to the CBOT December CZ25 corn futures contract as September futures approach their expiration. CIF corn barges loaded in September were alternately bid at 90 cents over September futures or 65 cents over December futures.

• FOB export premiums for corn shipped from the Gulf in October were around 104 cents over December futures, down a nickel from Thursday.

• Two South Korean feed makers booked soymeal this week. Nonghyup Feed Inc (NOFI) purchased around 60,000 metric tons of soymeal expected to be sourced from South America in a private deal on Thursday, and the Major Feedmill Group bought some 60,000 tons of optional-origin material in an international tender.

• A divided U.S. appeals court ruled on Friday that most of Donald Trump's tariffs are illegal, undercutting the Republican president's use of the levies as a key international economic policy tool. The court allowed the tariffs to remain in place through October 14 to give the Trump administration a chance to file an appeal with the U.S. Supreme Court.

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