CIF/FOB Gulf Grain-Corn barge bids flat, supported by export demand
CHICAGO, April 6 (Reuters) - Spot basis bids for corn shipped by barge to U.S. Gulf Coast terminals were mostly steady on Monday, underpinned by export demand, traders said.
Though export demand has been solid, it could slow as competing supplies from Argentina and Brazil increasingly hit the global market, a trader said.
U.S. soybean export sales face intense competition from Brazilian supplies.
Traders will watch to see whether the U.S. Department of Agriculture adjusts its U.S. export estimates in a monthly supply/demand report due on Thursday.
USDA reported on Monday that 2 million metric tons of U.S. corn were inspected for export in the week that ended on April 2. That exceeded analysts' expectations of 1.3 million to 1.85 million metric tons.
Weekly U.S. soybean export inspections were 779,352 metric tons, compared with analysts' estimates of 400,000 to 750,000 metric tons.
CIF Gulf corn barges loaded in April were bid steady at 85 cents over Chicago Board of Trade May CK26 futures.
FOB corn offers for vessels loaded in April remained at 98 cents over futures.
CIF Gulf soybean barges loaded in April were bid 2 cents higher at 75 cents over CBOT May SK26 soybean futures.
FOB export premiums for April soybean vessels remained at about 92 cents over futures.
Traders continued to monitor the U.S. and Israeli war on Iran that has sent oil prices climbing. Iran pushed back against pressure to reopen the Strait of Hormuz while U.S. President Donald Trump warned the country could be "taken out" if it did not meet his Tuesday night deadline to reach a deal.
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
