CIF/FOB Gulf Grain-Barge bids weaken as farmer grain sales outpace exporter needs

CHICAGO, Aug 28 (Reuters) - Basis bids for soybeans and corn shipped by barge to U.S. Gulf Coast terminals weakened on Thursday, as increased farmer deliveries into the supply chain outpaced demand from exporters.

• Freight costs nudged lower in a few locations even as market players began to warn of falling river levels on the Mississippi River at St. Louis, Missouri, and Memphis, Tennessee, that could impede barge movement in the coming weeks, raising freight costs just as the harvest ramps up.

• Empty barges on the river at St. Louis were offered at 500% of tariff, down from 525% a day earlier. BG/US

• Dry conditions in the southern and eastern Midwest have reduced water levels on the Ohio River, a key tributary to the Mississippi, according to the latest weekly U.S. Drought Monitor report, released on Thursday.

• "Despite a turn toward cooler weather, coverage of abnormal dryness and moderate drought broadly increased from Missouri into the Ohio Valley and lower Great Lakes region," the report said.

• Weekly U.S. grain export sales were fairly strong. The U.S. Department of Agriculture reported sales of new-crop corn in the week ended August 21 at 2,089,700 metric tons, in line with trade expectations for 1,200,000 to 2,600,000 tons. EXP/CORN

• Export sales of new-crop U.S. soybeans for the week reached 1,372,600 tons, the USDA said, topping trade expectations for up to 1,000,000 tons, and weekly wheat sales totaled 579,800 tons, in line with expectations. EXP/SOY EXP/WHE

• At the Gulf on Thursday, CIF soybean barges loaded in August were bid at 46 cents over Chicago Board of Trade November SX25 futures, down 6 cents from Wednesday.

• FOB export premiums for soybeans shipped from the Gulf in October were steady at about 84 cents over November futures.

• For corn, CIF Gulf August corn barges were bid at around 77 cents over CBOT September CU25 corn futures, down 5 cents from Wednesday.

• FOB export premiums for corn shipped from the Gulf in October held at about 109 cents over December 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