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CIF/FOB Gulf Grain-Soybean, corn barge basis weak on lower freight

Reuters · 01/06/2023 18:21
CIF/FOB Gulf Grain-Soybean, corn barge basis weak on lower freight

- Basis bids for soybeans shipped by barge to the U.S. Gulf Coast for export were flat to lower on Friday as freight costs eased for a second straight day and river shipping conditions improved, traders said.

* Rising water levels on the Mississippi River and its tributaries allowed shippers to haul more grain per barge. River snarls earlier in the week due to foggy weather were also easing, shippers said.

* Freight rates for January barges fell by 50 to 75 points of tariff for a second straight day on Friday as demand slumped for empty vessels for -term shipment, barge brokers said. BG/US

* Spot export premiums were flat despite easing CIF basis values. The values were underpinned by light demand for -term U.S. shipments before harvested Brazilian corn and soybeans flood the market starting in February, traders said.

* Chinese importers have made some price inquiries for February soybean shipments from the U.S. Gulf Coast, a trader said.

* The U.S. Department of Agriculture (USDA) on Friday reported lower-than-expected U.S. corn and wheat export sales last week. Soybean sales, however, were in line with trade estimates.

* Grain traders are looking ahead to the USDA's January crop supply-and-demand report due Thursday. USDA/EST

* CIF basis bids for soybean barges loaded in January fell 7 cents to 110 cents over Chicago Board of Trade March futures SH3. February barges were bid a penny lower at 104 cents over futures.

* FOB offers for soybeans loaded at the U.S. Gulf in January held at 150 cents over March futures.

* CIF corn barges loaded in January and in February were bid 2 cents lower at 90 cents over CBOT March futures CH3.

* Export premiums for January corn loadings were unchanged at 125 cents over March futures.

(Reporting by Karl Plume in Chicago; Editing by Shailesh Kuber)

((karl.plume@thomsonreuters.com; +1 313 484 5285; Reuters Messaging: karl.plume.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

LINKS 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