CIF/FOB Gulf Grain-Corn, soy barge bids firm amid thin farmer offerings
CHICAGO, March 26 (Reuters) - Spot basis bids for corn and soybeans shipped by barge to U.S. Gulf Coast terminals strengthened on Thursday, supported by a slow pace of farmer grain sales, traders said.
Freight costs fell on the lower Ohio River, but empty barges remained scarce on the mid-Mississippi, supporting freight costs in that region. BG/US
CIF Gulf corn barges loaded in March were bid at 86 cents over Chicago Board of Trade May CK26 futures, up 3 cents from Wednesday, and April barge bids were up 3 cents at 85 cents over futures.
May corn barges traded at 85 and 86 cents over futures, and were re-bid at 85 cents over futures.
FOB corn offers for vessels loaded in April were around 96 cents over futures, up 1 cent from Wednesday.
For soybeans, CIF Gulf barges loaded in March were bid at 71 cents over CBOT May SK26 soybean futures, up 3 cents from Wednesday. April soy barge bids were up a penny at 73 cents over futures.
FOB export premiums for April soybean vessels were around 92 cents over futures, down 5 cents from Wednesday. Soybean export buyers were side-lined by volatile grain and crude oil futures markets since the Iran conflict began, one trader said.
The U.S. Department of Agriculture reported net export sales of U.S. old-crop corn in the week ended March 19 at 1.218 million metric tons, in line with trade expectations for 700,000 to 1.5 million tons. EXP/CORN
Weekly net sales of old-crop soybeans totaled 668,900 tons, above trade expectations. EXP/SOY
The USDA reported net sales of old-crop wheat at 397,200 tons, in line with expectations, and new-crop sales of 205,800 tons, above expectations. EXP/WHE
President Donald Trump said his administration will announce actions to help U.S. farmers on Friday at an agricultural event at the White House. The administration is expected to release long-awaited biofuel blending quotas under the Renewable Fuel Standard.
Ahead of the USDA's March 31 U.S. planting intentions and quarterly stocks reports, analysts surveyed by Reuters on average projected U.S. 2026 corn plantings at 94.4 million acres, down from 98.8 million in 2025, and soybean seedings at 85.5 million acres, up from the 81.2 million acres planted last year.
