CIF/FOB Gulf Grain-Soybean, corn barge basis steady-weak in cautious trading
CHICAGO, March 2 (Reuters) - Basis bids for soybeans and corn shipped by barge to U.S. Gulf Coast terminals were steady to lower on Monday in subdued dealings as traders monitored developments in the Middle East after the U.S. and Israel attacked Iran over the weekend, brokers said.
A strong export loading pace for corn and soybeans limited basis declines. The U.S. Department of Agriculture said 1,858,624 metric tons of U.S. corn and 1,137,582 tons of soybeans were inspected for export last week, both above trade estimates.
Chicago Board of Trade soybean futures fell on Monday, pressured by uncertain demand from China despite statements from the White House that Beijing committed to buying 8 million additional tons of U.S. soy this season. The U.S. attack on Iran, an ally of China, was seen straining ties between Washington and Beijing ahead of a planned meeting between Presidents Trump and Xi at the end of this month, traders said.
Traders said Chinese buyers have not been shopping for U.S. soy so far this week. But some Chinese interest in U.S. corn may develop as some of China's supply was in poor condition.
CIF Gulf soybean barges loaded in February and March were bid 90 cents over Chicago Board of Trade May SK26 soybean futures, down about a penny from Friday.
FOB export premiums for soybeans loaded from the Gulf in March were about unchanged at around 116 cents over May futures. Offers for April loadings were flat at 106 cents over futures.
CIF Gulf corn barges loaded in February were bid at 104 cents over March CH26 corn futures, steady with late Friday. March corn barges traded at 102 and 103 cents over March futures and were bid at 99 cents over futures late in the day.
FOB corn export premiums for March corn loadings were about unchanged at around 116 cents over May CK26 futures.
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