CIF/FOB Gulf Grain-Soy, corn barge bids climb as supplies tighten

CHICAGO, March 21 (Reuters) - Basis bids for soybeans and corn delivered by barge to the U.S. Gulf Coast continued to ratchet higher on Friday, buoyed by tight pipeline supplies and slow barge movement through the mid-Mississippi River, traders said.

Repairs at two locks on the Mississippi River near St. Louis, Locks 26 and 27, have delayed barge tows as more sections of the river system open back up to traffic after winter closures.

The U.S. Army Corps of Engineers this week said that repairs to main lock at Melvin Price Lock 26 should be complete by April 4 and the main lock at Lock 27 should reopen on April 11, instead of April 1. Auxiliary locks have been open at both sites since repairs began in January, But because the auxiliary chambers are smaller than the main locks, large barge tows must be split up and then reconnected after passing through, which takes time.

Along with barge issues, farmers have been reluctant to sell much grain in recent weeks due to a slide in Chicago Board of Trade (CBOT) corn CK25 and soybean SK25 futures since February.

As a result, tight grain supplies at the Gulf have kept the CIF market inverted, particularly for soybeans, with barges for March commanding a premium over later loadings.

CIF Gulf soybean barges loaded in March were bid on Friday at 84 cents over CBOT May SK25 soybean futures, up 2 cents from Thursday and up about 9 cents from a week earlier. April soy barges were bid at 76 cents over futures, up a penny from Thursday.

FOB export premiums for soybeans shipped from the Gulf in May, the first month available, were offered at around 88 cents over May futures, unchanged from Thursday.

For corn, CIF Gulf barges loaded in March were bid at 72 cents over CBOT May CK25 corn futures, up 3 cents from Thursday and up 6 cents from a week ago. April corn barges were bid at 69 cents over futures, up 1 cent from Thursday.

FOB export premiums for corn shipped from the Gulf in April were around 80 cents over futures, up 2 cents from Thursday. Offers for May corn shipments held at about 74 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

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