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CIF/FOB Gulf Grain-Soy barge bids consolidate after increased farmer sales

reuters.com · 06/10/2022 21:00
CIF/FOB Gulf Grain-Soy barge bids consolidate after increased farmer sales

- Spot basis bids for soybeans shipped by barge to the U.S. Gulf Coast were narrowly mixed on Friday, consolidating a day after values fell in response to a pickup in farmer soy sales into river channels this week, traders said.

* The Chicago Board of Trade July SN2 soybean contract SN2 rose nearly 48 cents a bushel this week or 2.8%, lifting flat prices for soybeans above $18 a bushel in some locations. That was enough to prompt farmers to unload some of the last of their 2021 harvest, replenishing pipeline supplies.

* CIF Gulf soybean barges loaded in June were bid at 112 cents over Chicago Board of Trade July SN2 futures on Friday, up 1 cent from Thursday's last bid but down 10 cents from mid-week.

* FOB soybean offers for July shipments from the Gulf were around 140 cents over CBOT July futures, down a nickel from Thursday.

* For corn, barge bids were steady to a shade weaker but still underpinned by strong cash markets in the interior Midwest. Gulf shippers are competing with domestic processors for dwindling supplies of "old-crop" 2021 corn.

* CIF corn barges loaded in June were bid at 95 cents over CBOT July corn CN2 futures, down a penny from Thursday's last bid, but up a nickel from last week. Bids for July corn barges held steady at 82 cents over futures.

* FOB basis offers for July export loadings were around 107 cents over futures, up 5 cents from Thursday.

* Freight costs were mixed. Offers for prompt barges were flat, but values rose for barges available this fall to ship the 2022 "new crop" harvest. Empty barges on the Illinois River for October were offered Friday at 900% of tariff, up from 850% a day earlier. BG/US

(Reporting by Julie Ingwersen; Editing by Cynthia Osterman)

((Julie.ingwersen@thomsonreuters.com; 1-313-484-5283; Reuters Messaging: julie.ingwersen.thomsonreuters.com@reuters.net))

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

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 U.S. grain export summary GRA/U Brazil soybean export prices SYBS Brazil corn export prices SYBX Argentina grain prices GRAIN/ARG Russia grain prices GRAIN/RU