CIF/FOB Gulf Grain-Corn, soybean premiums higher on supply worries, rising demand

TT International

08/03/2022 23:38

March 8 (Reuters) - Basis bids for corn and soybeans shipped
by barge to the U.S. Gulf Coast and loaded for export climbed on
Tuesday, as the war in Ukraine disrupted grain shipments from
the Black Sea region and as importers scrambled to secure
supplies, traders said.
    * Rising barge freight costs amid soaring fuel prices
supported nearby CIF basis values. Offers for empty barges
delivered to grain loaders this week were up 50 to 100
percentage points of tariff, though available supplies were very
tight, barge brokers said.  BG/US 
    * Short-bought importers limited purchases to immediate
hand-to-mouth needs amid sharply rising grain and soy prices.
    * Grain shipments from Ukraine have been suspended since the
Russian invasion. Spot grain sales from the United States and
other exporting countries spiked as importers sought replacement
supplies.  urn:newsml:reuters.com:*:nL3N2VB3D8  urn:newsml:reuters.com:*:nL2N2VB0V0
    * CIF Gulf corn barges loaded in March were bid 112 cents
over Chicago Board of Trade (CBOT) May  CK2  futures, up 7
cents.
    * Export premiums were not well defined and spot loading
capacity at Gulf terminals was very tight, traders said. FOB
basis offers for early April corn loadings were nominally around
185 cents over May  CK2  futures.
    * CIF soybean barges loaded in March were bid 126 cents over
CBOT May  SK2  futures, up 11 cents. 
    * FOB soybean basis quotes were scarce. April loadings were
said to be nominally offered around 180 cents over futures.
    * CIF Gulf basis bids for hard red winter wheat were 110
cents over K.C. March hard red winter wheat futures  KWH2 . Spot
export jumped 10 cents to 250 cents over May futures  KWK2 .
    * The U.S. Department of Agriculture confirmed private sales
of 132,000 tonnes of new-crop U.S. soybeans to China, along with
126,000 tonnes of old-crop soybeans to undisclosed buyers. The
USDA also confirmed 193,000 tonnes of spring wheat sold to the
Philippines.  urn:newsml:reuters.com:*:nFWN2VB0RX

 (Reporting by Karl Plume; Editing by Subhranshu Sahu)
 ((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 ))