CIF/FOB Gulf Grain-Soybean and corn barge bids rise, Mississippi River levels fall

CHICAGO, Sept 10 (Reuters) - Basis bids for corn and soybeans shipped by barge to U.S. Gulf Coast terminals turned higher, amid signs of spot demand and as freight costs remained firm, traders said.

• Empty barge rates have been turning higher as river levels are falling and barge firms prepare for draft restrictions to roll out in the coming days. BG/US

• The Mississippi River gauge at Memphis has been on a persistent downward trend, according to the National Oceanic and Atmospheric Administration.

• According to the latest forecasts, the river stage at Memphis is expected to fall to about -7 feet over the next 14 days, placing it just above the critical low threshold for commercial navigation.

• Low river levels can snarl grain barge movements, and add costs to exporters, as Midwestern farmers are starting to harvest what is expected to be a massive corn and soybean crop.

• U.S. farmers are missing out on billions of dollars of soybean sales to China halfway through their prime marketing season, as stalled trade talks halt exports and rival South American suppliers fill the gap, traders and analysts said.

• The White House is considering a plan that would require large oil refineries to cover around half or less of the biofuel blending requirements recently waived for smaller facilities, according to three sources familiar with the matter.

• CIF Gulf soybean barges loaded in the last-half October traded at 67 cents over Chicago Board of Trade November SX25 futures.

• Meanwhile, CIF Gulf soybean barges loaded in September were bid at around 54 cents over November soybean futures, up 4 cents from Tuesday.

• FOB export premiums for soybeans shipped from the Gulf in October were offered at about 76 cents over November futures, down 1 cent.

• For corn, CIF barges loaded in October traded at 83 cents over CBOT December CZ25 corn futures.

• Meanwhile, CIF September corn barges were bid at 82 cents over December futures, up 8 cents from Tuesday.

• FOB export premiums for corn shipped from the Gulf in October were steady at around 98 cents over December futures.