CIF/FOB Gulf Grain-Soybean, corn premiums climb on rising demand, supply concerns

TT International

09/03/2022 23:13

March 9 (Reuters) - Basis values for corn and soybeans
shipped by barge to the U.S. Gulf Coast and loaded for export
rose on Wednesday as the war in Ukraine reduced grain supplies
available to global importers as demand for replacement
shipments soared, traders said.
    * Firmer barge freight rates lifted CIF barge values,
raising costs for exporters. Meanwhile, export premiums
increased on strong spot demand and limited available loading
capacity.
    * Spain's agriculture minister is pushing the European
Commission to waive import controls on corn for animal feed
after supply gaps left by the Russian invasion of Ukraine.
 urn:newsml:reuters.com:*:nE6N2SU011
    * The U.S. Department of Agriculture (USDA) increased its
U.S. corn export outlook in a monthly report on Wednesday and
cut its view of Ukrainian shipments. The agency also lowered its
Ukrainian and Russian wheat export forecasts.  urn:newsml:reuters.com:*:nL2N2VC23X
    * Also in the report, the USDA lowered its South American
soy harvest and export outlook, and also lowered China's import
forecast. Some soy demand has shifted from South American
supplies to the United States amid a crop shortfall in Brazil
and Argentina.
    * CIF Gulf corn barges loaded in March were bid 120 cents
over Chicago Board of Trade (CBOT) May  CK2  futures, up 8
cents.
    * Export premiums were not well defined. FOB basis offers
for early April corn loadings were nominally around 195 cents
over May  CK2  futures.
    * CIF soybean barges loaded in March were bid 130 cents over
CBOT May  SK2  futures, up 4 cents. 
    * FOB soybean basis quotes were scarce. April loadings were
said to be nominally offered around 195 cents over futures.
    * The USDA is due to release weekly export sales data,
encompassing the first week of the Ukraine war, early on
Thursday. Analysts polled by Reuters expect sharply higher corn
sales for the week ended March 3.

 (Reporting by Karl Plume; Editing by Amy Caren Daniel)
 ((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 ))