CIF/FOB Gulf Grain-Corn, soybean barge basis firms on rising freight

CHICAGO, Feb 11 (Reuters) - Basis bids for corn and soybeans shipped by barge to the U.S. Gulf Coast were firmer on Tuesday on rising freight costs and lower futures prices, with solid export demand providing corn bids an additional lift, traders said.

Chicago Board of Trade corn and soybean futures retreated on Tuesday after the U.S. Department of Agriculture pegged U.S. supplies above market expectations in a monthly report. GRA/

Rising barge freight rates on Midwest rivers underpinned CIF basis values, with spot offers on the Mississippi River at St. Louis up 50 points of tariff on Tuesday. BG/US

Icy river conditions and ice-clogged locks slowed navigation on the Illinois River. Meanwhile, forecasts for frigid temperatures prompted concerns that ice buildup would increase in the near term.

U.S. soybean export demand remained light as global buyers are awaiting supplies from Brazil's record harvest to flood the market over the coming weeks. Export premiums there are well below U.S. prices, traders said.

China has also been in the market for Argentine soybeans for May shipment over recent days.

CIF February corn barges were bid 2 cents higher at 76 cents over Chicago Board of Trade March CH25 futures. March barges traded a penny higher at 75 cents over futures.

February corn export premiums rose 2 cents to 85 cents over futures. March offers were up 5 cents at 85 cents over futures.

CIF soybean barges loaded in February were bid at 68 cents over CBOT March SH25 futures, up 2 cents from bids late on Monday. March barges were bid a penny higher at 74 cents over futures.

FOB export premiums for February soybean loadings dipped 3 cents to 83 cents over March futures.

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
Wheat prices page:  cpurl://apps.cp./cms/?pageid=wheat-cash-market
U.S. barge freight                  BG/US
U.S. export sales estimates         USDA/EST
U.S. grain export summary           GRA/U
Brazil soybean export prices        SYBS
Brazil corn export prices           SYBX
Argentina grain prices              GRA/ARG
Russia grain prices                 GRA/RU