CIF/FOB Gulf Grain-Corn barge basis steady on shipping delays

CHICAGO, Feb 12 (Reuters) - Basis bids for corn shipped by barge to the U.S. Gulf Coast were mostly steady on Wednesday on firm freight rates and good export demand, while soybean barge bids were flat to lower on seasonally slow demand, traders said.

Barge freight rates were firm as icy conditions on Midwest rivers and at locks slowed navigation. Movement was likely to remain sluggish amid forecasts for frigid temperatures for at least the next two weeks.

Good export demand for U.S. corn underpinned FOB basis offers at the Gulf, along with slow loadings due to foggy conditions. Fog-delayed shipments have delayed some February loadings into March, traders said.

Corn exports have been supported by recent purchases by regular customers Mexico and South Korea, although sales this week to South Korean feed importers have been largely for shipment from the Pacific Northwest. PNW shipments into Asia are the cheapest among major global suppliers, traders said.

U.S. soybean export demand remained light as global buyers are awaiting supplies from Brazil's record harvest. 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 steady at 76 cents over Chicago Board of Trade March CH25 futures. March barges were bid 75 cents over futures, steady with trades a day earlier.

Export premiums for corn loaded in March held steady at 69 cents over futures.

CIF soybean barges loaded in February were bid 2 cents lower at 66 cents over CBOT March SH25 futures. March barges were bid a penny higher at 75 cents over futures.

FOB export premiums for March soybean loadings were 2 cents lower at 83 cents over 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