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CIF/FOB Gulf Grain-Soy barge bids decline; corn barge bids firm

CIF/FOB Gulf Grain-Soy barge bids decline; corn barge bids firm

Reuters · 09/13/2022 20:26
CIF/FOB Gulf Grain-Soy barge bids decline; corn barge bids firm

- Basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals were flat to weaker on Tuesday and export premiums retreated for a second day, pressed by export competition from Argentina just as the U.S. soy harvest , traders said.

* However, the market remained inverted, with soy barges loaded in early September commanding big premiums over deferred loadings as Gulf exporters scrambled for prompt supplies due to quality problems with the early soy harvest in the rain-soaked Mississippi River Delta.

* Bids for CIF soybean barges loaded in the first half of September held steady at around 265 cents above Chicago Board of Trade (CBOT) November SX2 futures while soy barges loaded in the full month of September were bid around 180 cents over November futures, down 5 cents from Monday.

* U.S. Gulf soybean export premiums softened, with late-October shipments offered around 205 cents over November SX2 futures, down a from Monday.

* In Argentina, soybean farmers have sold around 57% of the 2021/22 crop, the agriculture ministry said on Tuesday citing data through last week, reflecting a boost after the government offered growers a preferential foreign exchange rate.

* CIF Gulf corn bids firmed. Corn barges loaded in September were bid at around 123 cents over CBOT December futures, up 8 cents from Monday. Corn barges loaded in first-half September were bid around 140 cents over December futures.

* November corn barges traded at 109 cents over December futures.

* Export premiums for October corn loadings held at around 145 cents over futures, unchanged from Monday.

* Traders await four weeks of backlogged U.S. export sales data expected Thursday from the U.S. Department of Agriculture (USDA).

* Some U.S. railroads will start halting crop shipments on Thursday, a day ahead of a potential work stoppage, an agricultural association and sources at two grain cooperatives said, threatening exports and feed deliveries for livestock.

(Reporting by Julie Ingwersen; Editing by Christian Schmollinger)

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

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