CIF/FOB Gulf Grain-Soybean barge bids drop on China demand worries

CHICAGO, March 16 (Reuters) - Spot basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals weakened on Monday on worries about demand from top importer China and easing barge freight costs, traders said.

• U.S. President Donald Trump is seeking to delay a highly anticipated trip to China in early April by about a month because of the Iran war. Traders had been anticipating accelerated Chinese purchases of U.S. soybeans leading up to the talks.

• Top U.S. and Chinese economic officials held talks in Paris on Sunday that touched on potential areas of agreement in agriculture.

• U.S. soy export demand has been seasonally slow as cheaper supplies of newly harvested beans were available from top supplier Brazil.

• Chicago Board of Trade soybean futures fell by their daily trading limit on Monday, closing down nearly 6% on the day.

• CIF Gulf soybean barges loaded in March were bid 5 cents lower at 60 cents over Chicago Board of Trade May SK26 soybean futures. April barge bids fell 2 cents to 70 cents over futures.

• FOB export premiums for April soybean loadings were down 3 cents at 110 cents over futures.

• Basis bids for corn barges at the Gulf were steady to firm on Monday, supported by solid export demand and lower futures prices.

• CIF Gulf corn barges loaded in March were bid a penny higher at 78 cents over CBOT May CK26 futures. Some March barges traded as high as 81 cents over futures on Monday.

• Corn export premiums for April loadings at the Gulf were 3 cents lower at 100 cents over futures.