CIF/FOB Gulf Grain-Corn barge bids steady, soy firm; freight costs climb

TT International

12/03/2022 01:20

March 11 (Reuters) - Basis values for corn shipped by barge
to the U.S. Gulf Coast held steady at elevated levels on Friday
while soy barge bids inched higher on brisk exporter demand for
both commodities and rising freight costs, traders said.
    * U.S. grain supplies were attracting interest as Russia's
invasion of Ukraine disrupts shipments from the Black Sea.
    * Spot barge freight rates were near record highs amid
strong demand and high fuel prices. Offers for spot barges on
the Ohio River jumped to 1200% of tariff on Friday, up from
1000% a day earlier.  BG/US 
    * Export premiums were also strong amid robust spot demand
and limited available loading capacity.
    * CIF Gulf corn barges loaded in March were bid 140 cents
over Chicago Board of Trade (CBOT) May  CK2  futures, holding
steady after a jump on Thursday.
    * Export premiums were not well defined. FOB basis offers
for early April corn loadings were nominally around 200 cents
over May  CK2  futures.
    * CIF soybean barges loaded in March were bid at 132 cents
over CBOT May  SK2  futures, up 2 cents from Thursday. Barges
loaded in the first half of the month were bid at a 3-cent
premium.
    * FOB soybean basis quotes were scarce. April loadings were
said to be nominally offered around 195 cents over futures.
    * The U.S. Department of Agriculture confirmed private sales
of 264,000 tonnes of U.S. new-crop soybeans to China and 128,900
tonnes of U.S. old-crop corn to unknown destinations.
 urn:newsml:reuters.com:*:nFWN2VE0RC

 (Reporting by Julie Ingwersen; Editing by Will Dunham)
 ((Julie.ingwersen@thomsonreuters.com; 1-313-484-5283))
 
((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 cpurl://apps.cp./cms/?pageid=corn-cash-market
Wheat prices page:  cpurl://apps.cp./cms/?pageid=wheat-cash-market 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 ))