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

CHICAGO, Feb 14 (Reuters) - Basis bids for corn and soybeans shipped by barge to the U.S. Gulf Coast were steady to higher on Friday, with near term values lifted by rising river freight costs and weather-slowed navigation, traders said.

Frigid weather in the central United States increased ice buildup on rivers and clogged locks and dams with ice. A resulting navigation slowdown has reduced shipping efficiency for barge lines and supported freight rates.

Corn export premiums were supported by firm demand, mostly from regular U.S. customers. The U.S. Department of Agriculture on Friday confirmed 100,000 metric tons of corn sold to Colombia, following sales earlier in the week to Mexico.

Soybean export demand was seasonally light as U.S. shipments are not competitively priced against newly harvested South American supplies. Top importer China has been booking Brazilian and Argentine soybeans this week for shipment in the second quarter of the year.

Recent foggy weather has stalled loadings at Gulf terminals, forcing some exporters to delay some near-term loadings into next month.

CIF corn barges loaded in February were bid 80 cents over Chicago Board of Trade March CH25 futures and March barges were bid 77 cents over futures, both unchanged but up in the week.

Export premiums for corn loaded in the first half of March were 93 cents over futures, while last-half offers were 88 cents over futures. Both were lifted by gains in CIF values and as weather delays limited spot loading capacity.

CIF soybean barges loaded in February were bid 5 cents higher at 76 cents over CBOT March SH25 futures. March barges were bid 2 cents higher at 81 cents over futures.

FOB export premiums for March soybean loadings rose 3 cents to 86 cents over futures, tracking gains in the CIF barge market.

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