CIF/FOB Gulf Grain-Soy, corn barge bids firm as freight costs climb

CHICAGO, July 15 (Reuters) - Basis bids for soybeans and corn delivered by barge to U.S. Gulf Coast terminals ticked higher on Tuesday, extending a firmer trend attributed to rising freight costs and competition for bushels from domestic processors, traders said.

"The processor came in about a week ago and sucked up soybeans," one trader noted.
Meanwhile, empty barges on the Illinois River were offered on Tuesday at around 575% of tariff, up from 525% a day ago. Barge freight offers rose on portions of the upper Mississippi River as well, barge sources said. BG/US
At the Gulf, CIF soybean barges loaded in both July and August were bid at 95 cents over Chicago Board of Trade August SQ25 futures, up 2 cents from Monday.
FOB export premiums for soybeans shipped from the Gulf in August were offered at around 110 cents over August SQ25 futures, up 10 cents from Monday, firming as CIF values climbed.
For corn, CIF barges loaded in July were bid at 89 cents over CBOT September CU25 futures and August corn barges were bid at 88 cents over futures, both up a penny from Monday.
FOB export premiums for corn shipped from the Gulf in August were quoted around 105 cents over September futures, unchanged from Monday.
Strong U.S. crop ratings continue to hang over the futures market although CBOT December corn CZ25 closed 1-3/4 cents higher on Tuesday at $4.19-3/4 a bushel, stabilizing after hitting a contract low a day earlier. CBOT November soybeans SX25 ended down 5-1/4 cents at $10.01-3/4 a bushel but stayed inside of Monday's trading range. GRA/
Top global wheat buyer Egypt plans to launch a revamped national commodity exchange to oversee imports and exports of essential agricultural goods, the presidency said, as it strives to secure consistent supplies and keep prices steady. The exchange, in which the military-linked Future of Egypt for Sustainable Development has a majority stake, will act as a "safety valve" for local markets, the presidency said in a statement.
Algeria's state grains agency OAIC bought about 1 million metric tons of milling wheat in an international tender, European traders said. The wheat is optional origin but first assessments were that it would be sourced from the Black Sea region, possibly including Ukraine, Russia and Bulgaria. Some could also be sourced from the Baltic Sea region, traders said.  

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