CIF/FOB Gulf Grain-Corn barge basis edges higher as freight stays high

CHICAGO, April 3 (Reuters) - Spot basis bids for corn delivered by barge to U.S. Gulf Coast terminals were mostly firmer on Thursday on rising freight rates and river shipping delays, while soybean basis values were flat to weaker, traders said.

Trading was restrained on Thursday due to uncertain export demand after U.S. President Donald Trump slapped sweeping tariffs on all U.S. imports. Targets included major importer China, which has, along with several other nations, vowed retaliatory actions in response to the duties.

Heavy rain across the central United States at midweek was expected to raise water levels on the lower Ohio River and the lower Mississippi River, likely slowing barge movement in the coming days, traders said.

Barge freight rates have increased in several areas of the Midwest in recent weeks due to lock delays on the Mississippi River near St. Louis. Long lines of barge tows are waiting to pass through locks there as crews race to complete maintenance on lock chambers by next week.

U.S. corn and soybean export sales in the week ended March 27 were in line with trade estimates. EXP/CORN EXP/SOY

CIF Gulf corn barges loaded in March were a penny higher at 80 cents over Chicago Board of Trade May CK25 corn futures.

FOB export premiums for corn shipped from the Gulf in April fell 3 cents to around 90 cents over futures.

CIF Gulf soybean barges loaded last month were bid at 70 cents over CBOT May SK25 soybean futures, down 2 cents.

FOB export premiums for soybeans shipped from the Gulf in April were flat at 94 cents over May 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