CIF/FOB Gulf Grain-Soybean barge bids firm as futures turn higher; winds disrupt some barge river traffic

CHICAGO, April 8 (Reuters) - Spot basis bids for corn and soybeans shipped by barge to U.S. Gulf Coast terminals firmed on Wednesday, as soybean futures Sv1 turned higher on optimism about soy export prospects ahead of U.S.-China talks planned for next month, traders said.

• Empty barge freight rates firmed on the Mississippi River at St. Louis, while some barges were unable to move along some interior river stretches because of high winds, traders said. BG/US

• Chicago Board of Trade corn futures ticked lower and soyoil futures sagged after U.S. President Donald Trump agreed to a two-week ceasefire with Iran, sending crude oil prices CLc1 tumbling.

• Shipping sources said the Iranian navy threatened ships attempting to pass through the strait without Tehran's permission with destruction on Wednesday and that transit remained shut.

• CIF Gulf corn barges loaded in April were bid 4 cents higher at 90 cents over Chicago Board of Trade May CK26 futures.

• Gulf corn barges loaded in May traded at 90 cents over May corn futures.

• FOB corn offers for vessels loaded in April were up 1 cent at 99 cents over futures.

• CIF Gulf soybean barges loaded in April were bid 10 cents higher at 87 cents over CBOT May SK26 soybean futures.

• Gulf soybean barges loaded in April traded at 90 cents over May soybean futures.

• FOB export premiums for April soybean vessels firmed up 3 cents at about 95 cents over futures.

• Traders spent much of Wednesday squaring positions ahead of Thursday's USDA crop supply and demand report.

• Analysts polled by Reuters, on average, expect the report to show slightly larger global corn ending stocks than the USDA's March forecast and slightly bigger harvests in Brazil and Argentina, and slightly larger U.S. soybean ending stocks and a smaller harvest in Brazil.

• A group of South Korean flour mills bought an estimated 50,000 metric tons of milling wheat to be sourced from the United States in an international tender on Wednesday, European traders said.

• U.S. farmers have largely stopped selling crops as they wait for higher prices and focus on the spring planting season, traders said.

• Mosaic MOS.N said on Wednesday it will idle two phosphate facilities in Brazil, cut jobs and reduce annual output as the fertilizer producer moves to curb costs, redeploy capital and pursue the sale of assets.

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