Corn barge basis bids rise, traders await tariff details
Spot basis bids increased for corn delivered by barge to the U.S. Gulf Coast on Friday, traders said, as suppliers waited for details on impending trade tariffs.
* All eyes are on April 2, when U.S. President Donald Trump is expected to announce reciprocal tariffs, and on March 31, when the U.S. Department of Agriculture is set to release data on crop plantings and quarterly grain stocks.
* Trump and Canadian Prime Minister Mark Carney had a conversation that both men described as productive, though Carney said Ottawa would impose retaliatory tariffs next week as promised.
* U.S. tariffs do not threaten grain supplies in China, the world's biggest soy importer, a senior economist at the Chinese government's National Grain and Oil Information Center said.
* China's soybean imports are projected to hit a record low in the first quarter before rebounding, an executive at agribusiness Yihai Kerry Arawana Holdings Co Ltd said.
* Brazil, the world's biggest soybean exporter, remains the most competitive soy supplier to Asia but is off the market for corn export offers, a broker said.
* Brazilian farmers have harvested 81.1% of their 2024/25 soybean crop, up from 73.6% a year ago, according to Patria Agronegocios.
* U.S. barge freight rates remained firm.
* CIF Gulf corn barges loaded in March were bid at 78 cents over Chicago Board of Trade May (CK25) corn futures, up 2 cents. April corn barges were bid at 73 cents over futures, up 2 cents.
* FOB export premiums for corn shipped from the Gulf in April were about 80 cents over futures, up 3 cents. Offers for May corn shipments were about 77 cents over futures, which was 4 cents higher.
* CIF Gulf soybean barges loaded in March were bid at 80 cents over CBOT May (SK25) soybean futures, down 3 cents. April soy barges were bid at about 74 cents over futures, down 2 cents.
* FOB export premiums for soybeans shipped from the Gulf in May, the first month available, were offered around 87 cents over May futures.
