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CIF/FOB Gulf Grain-Soybean, corn barge bids mixed amid political tensions

Reuters · 11/15/2022 17:11
CIF/FOB Gulf Grain-Soybean, corn barge bids mixed amid political tensions

- Spot basis bids for corn and soybeans shipped by barge to U.S. Gulf export terminals were mixed on Tuesday, as U.S. grain futures rallied on reports that Russian missiles crossed into Poland that raised concerns about escalating political tensions, traders said.

* A senior U.S. intelligence official said Russian missiles crossed into Poland, killing two people, the Associated Press reported. The Pentagon said it could confirm reports that the missiles crossed into Poland the Ukraine border.

* Traders said that some grain warehouses and grain sellers are starting to truck corn away from the river and moving it to rail shuttle loaders, due to competitive rail pricing. The unusual shift had some traders questioning what impact this might have on the market.

* CIF corn barges loaded in January saw the spread between bids and offers widen, said dealers, as farmers continue to store a lot of corn and some river elevators in the lower Midwest are seeing a dearth of sales booked for early year.

* CIF soybean barges loaded in November were bid up 1 cent at 176 cents over Chicago Board of Trade January futures SF3. December barge bids were up 6 cents, at 155 cents over futures.

* Export premiums for soybeans shipped in first-half December were offered at around 220 cents over CBOT January futures, while last-half December were quoted at around 205 cents over futures.

* CIF corn barges loaded in November were bid at about 138 cents over CBOT December futures CZ2, down 2 cents from Monday.

* First-half December corn export premiums were quoted around 180 cents over futures, and last-half December corn export premiums were quoted at 160 cents over futures. January loadings were quoted at around 154 cents over March CH3 futures.

(Reporting by P.J. Huffstutter in Chicago; Editing by Shailesh Kuber)

((pj.huffstutter@thomsonreuters.com; 313-484-5275 (w); On Twitter @pjhuffstutter; Reuters Messaging: pj.huffstutter.reuters.com@thomsonreuters.))

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