CIF Gulf Grain-Corn, soy steady to firm as weather woes return

Jan 17 (Reuters) - Basis bids for corn and soybeans shipped
by barge to the U.S. Gulf Coast were steady to higher early on
Friday as snowfall and plunging temperatures were expected to
limit farmer deliveries, reducing supplies flowing to export
terminals, traders said.
    * A downturn in futures at the Chicago Board of Trade was
also likely to keep a lid on farmer sales after an influx of
country movement amid futures rallies earlier this week.
    * The soft red winter wheat basis was weak after top global
wheat importer Egypt purchased only one cargo our of four in the
country's latest tender. * CIF soybeans posted their strongest gains in the basis for shipments in the last half of February, narrowing a large inverse from shipments in the first half of the month. * The CIF basis for both soybeans and corn is hovering near the highest level ever for this time of year, bolstered by strong global demand for U.S. supplies even as farmers in South America prepare to harvest big crops. * Barge freight costs were firm on Midwest rivers, lifted by good demand for vessels and a more active pace of barge loadings. * CIF basis bids for corn barges loaded in January were 2 cents higher at 73 cents per bushel over Chicago Board of Trade March futures. February bids were steady at 70 over. * CIF basis bids for soybean barges loaded in the last half of January were 122 cents over CBOT March futures, while first-half February bids were 110 over, both steady. * Spot CIF basis bids for soft red winter wheat barges held steady at 95 cents over CBOT March futures. 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 Michael Hirtzer in Chicago; Editing by Marguerita Choy)

About the author



Stories from our other publications