CIF/FOB Gulf Grain-Corn, soybean barge basis firm as some rivers rise

CHICAGO, Feb 18 (Reuters) - Basis bids for corn and soybeans shipped by barge to the U.S. Gulf Coast firmed on Tuesday, following the recent trend of higher river freight costs, traders said.

Rising water levels, particularly on parts of the Ohio, have made it difficult for some river elevators to load barges, two traders said.

Extremely cold weather in the central United States is impacting barge navigation and barge availability on some interior rivers, as ice has clogged locks and dams, one trader said. Ice flows in the rivers have forced some barge fleets to move slower.

Weekly U.S. corn export inspections for the week ended February 13 were higher than trade expectations, while soybean export inspections were below trade expectations, U.S. Department of Agriculture data showed Tuesday.

CIF corn barges loaded in February were bid up 1 cent at 81 cents over Chicago Board of Trade March CH25 futures, and March barges were steady, bid at 77 cents over futures.

Export premiums for corn loaded in the first half of March were 94 cents over futures, while last-half offers were 89 cents over futures - both up 1 cent from last week.

Both were lifted by gains in CIF values and as weather delays and rising river levels limited spot loading capacity, brokers said.

CIF soybean barges loaded in February were bid 1 cent higher at 77 cents over CBOT March SH25 futures. March barges were bid 1 cent higher at 82 cents over futures.

FOB export premiums for March soybean loadings rose 1 cent to 87 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