CIF/FOB Gulf Grain-Corn, soybean basis strengthens on strong demand, high freight

TT International

11/03/2022 24:07

March 10 (Reuters) - Basis values for corn and soybeans
shipped by barge to the U.S. Gulf Coast and loaded for export
continued to climb on Thursday, extending an historic surge, as
the war in Ukraine reduced grain supplies available to global
importers, traders said.
    * Spot barge freight rates held near record highs amid
strong demand and high fuel prices. The high barge costs
supported CIF basis values.  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, up 20
cents.
    * Export premiums were not well defined. FOB basis offers
for early April corn loadings were nominally around 200 cents
over May  CK2  futures, up 5 cents.
    * CIF soybean barges loaded in March were bid steady at 130
cents over CBOT May  SK2  futures. Barges loaded in the first
half of the month were bid at a 5-cent premium.
    * FOB soybean basis quotes were scarce. April loadings were
said to be nominally offered around 195 cents over futures.
    

 (Reporting by Karl Plume)
 ((karl.plume@thomsonreuters.com; +1 313 484 5285; Reuters
Messaging: karl.plume.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 
    
    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 ))