CIF/FOB Gulf Grain-Soybean, corn barge basis firms amid river navigation issues

CHICAGO, April 8 (Reuters) - Spot basis bids for soybeans and corn delivered by barge to U.S. Gulf Coast terminals turned higher on Tuesday, as nearby futures firmed and transportation issues snarled some interior rivers, traders said.

Chicago Board of Trade soybean futures rose on technical trading, while corn and soy futures also firmed as traders turned their attention toward an upcoming government supply-and-demand report, a weaker U.S. dollar and weather concerns, analysts said.

The U.S. said on Tuesday that 104% duties on imports from China will take effect shortly after midnight.

The recent rain and storm system over the U.S. Midwest has essentially brought all grain movement along the Ohio River to a grinding stop, brokers said. Sections of the river are expected to stay closed to grain barge traffic due to high water for the next 10 days, they said. BG/US

That transportation issue helped boost the nearby corn and soybean barge markets, as supply chains adjust to work around the halt, they said.

Both CIF and FOB spot prices also gained some support on traders preparing for Argentina's largest umbrella union, the General Confederation of Labor (CGT), to go on strike on Thursday in protest of President Javier Milei's economic austerity measures and reforms, brokers said.

CIF Gulf soybean barges loaded in May traded at 72 cents over Chicago Board of Trade May SK25 soybean futures, and November loadings traded at 66 cents over CBOT November SX25 soybean futures.

CIF Gulf soybean barges loaded in April were bid at 74 cents over Chicago Board of Trade May SK25 soybean futures, while May loadings were bid at 73 cents over futures — both up 11 cents from Monday.

FOB export premiums for soybeans shipped from the Gulf in April were up 2 cents at 93 cents over May futures.

CIF Gulf corn barges loaded in April were bid 2 cents higher at about 76 cents over CBOT May CK25 corn futures, while May loadings were steady, bid at 70 cents over futures.

FOB export premiums for corn shipped from the Gulf in April were up 2 cents to around 86 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