CIF/FOB Gulf Grain-Corn, soybean basis bids steady-lower ahead of USDA report

CHICAGO, Sept 11 (Reuters) - Basis bids for corn and soybeans shipped by barge to U.S. Gulf Coast terminals were steady to slightly lower on Thursday, even as supplies tightened in interior markets and farmer selling has slowed ahead of harvest, traders said.

• Higher barge freight rates also have been part of the reason why CIF prices have been volatile this month, traders said.

• River levels are falling and barge firms are preparing for draft restrictions to extend into the fall, just as farmers are in the midst of harvesting what is expected to be a massive corn crop. BG/US

• The rise in corn CIF prices in particular is expected to be somewhat short-lived, traders said, once that flood of grain hits the market.

• Chicago corn and soybeans futures rose on Thursday as traders squared positions before a U.S. Department of Agriculture crop report on Friday that will include closely watched U.S. corn and soybean harvest forecasts, analysts said.

• CIF Gulf soybean barges loaded in September were bid at around 53 cents over Chicago Board of Trade November SX25 futures, down 1 cent from Wednesday.

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

• CIF September corn barges were bid at 82 cents over CBOT December CZ25 corn futures, steady from Wednesday.

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