CIF Gulf Grain-Corn bids steady-weak on light demand

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Dec 24 (Reuters) - Basis bids for corn shipped by barge to
the U.S. Gulf Coast were mostly steady to weak early on Tuesday
amid light demand and adequate supplies in the export pipeline,
traders said.
* CIF wheat and soybean basis bids were unchanged in quiet
trade ahead of the Christmas holiday on Wednesday when markets
will be closed.
* Spot barge freight rates held mostly steady, capped by
light demand but underpinned by slow river navigation amid high
water on the lower Ohio River and low water on the
mid-Mississippi River.

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* Shippers have reduced drafts to 9 or 9-1/2 feet for
vessels navigating through the busy Port of St. Louis due to low
water and an increased risk of grounding, traders said.
* High water on the lower Ohio River was allowing shippers
to load deeper drafts on barges but some elevators may be unable
to load grain if the water gets too high. Also, the heavier
current makes navigation more difficult.
* Farmer deliveries of corn and soybeans to river elevators
were light ahead of the holiday and amid frigid weather
throughout the Midwest.
* CIF basis bids for corn barges loaded in December were 2
cents lower at 66 cents per bushel over Chicago Board of Trade
March futures while January barges were bid steady at 72
over.
* CIF basis bids for soybean barges loaded in December and

the first half of January were unchanged at 105 cents over CBOT
January futures. Last-half January bids were flat at 102
over.
* CIF basis bids for soft red winter wheat barges loaded in
December were 105 cents over CBOT March futures while
January bids were 100 over, both steady. December barges traded
on Monday to a short-bought exporter at 114 over, traders said.

To check displays of CIF basis, double-click on following:
U.S. CIF Gulf soybeans
U.S. CIF Gulf corn
U.S. CIF Gulf SRW wheat
U.S. CIF Gulf HRW wheat

LINKS:
* FOB U.S. Gulf Coast Grain
* U.S. grain export summary
* Brazil soybean export prices
* Brazil corn export prices
* U.S. barge freight

(Reporting by Karl Plume in Chicago; editing by Jim Marshall)