Gulf corn barge bids steady; soy basis eases

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 ZS1! 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 said.

* At the Gulf, CIF soybean barges loaded in February traded at 85 cents over Chicago Board of Trade March (SH25) soybean futures, traders said.

* CIF soybean Gulf barges loaded in December were bid at 89 cents over Chicago Board of Trade January (SF25) futures, down 3 cents from Thursday.

* FOB export premiums for January soybean shipments were 1 cent higher at about 108 cents over futures.

* CIF corn barges loaded in December were bid steady at 69 cents over CBOT March corn (CH25) futures. Deferred month contracts firmed slightly.

* FOB offers for corn shipped from the Gulf in January were steady at 86 cents over CBOT March futures.