Spot basis bids for soybeans delivered by barge to U.S. Gulf Coast turned lower; corn basis steady

Spot basis bids for soybeans delivered by barge to U.S. Gulf Coast terminals turned lower on Friday, while corn bids were steady, ahead of the short holiday weekend, traders said. Chicago Board of Trade soybean futures rose on Friday, driven by short-covering and technical buying, after forecasts for a bumper South American crop sent soy futures plunging to a four-year low a day earlier. The U.S. Department of Agriculture on Friday confirmed private sales of 150,000 metric tons of U.S. corn to Colombia for delivery during the 2024/25 marketing year. China’s Sinograin has bought nearly 500,000 metric tons of U.S. soybeans this week for shipment in March and April, paying more for U.S. supplies for state reserves rather than buying cheaper Brazilian beans, two U.S. traders familiar with the deals said. Empty barge freight rates were steady to slightly higher in some markets ahead of the short holiday week, as shippers turned their attention to loadings in early 2025, two traders ...