CIF/FOB Gulf Grain-Corn basis bids flat-lower as Midwest harvest accelerates
CHICAGO, Sept 16 (Reuters) - Basis bids for corn shipped by barge to U.S. Gulf Coast export terminals were flat to lower on Tuesday on rising supplies from the accelerating Midwest harvest and as freight costs eased from recent highs, traders said.
Basis bids for CIF soybean barges were mostly steady to narrowly mixed as near-term exports remained brisk but demand for harvest-time shipments slumped as top importer China continued to shun U.S. supplies.
Traders are monitoring trade negotiations between Washington and Beijing as Chinese purchases of new-crop U.S. soybeans remain at zero. U.S. President Donald Trump and Chinese President Xi Jinping are due to speak by phone on Friday.
Spot barge freight rates were unchanged to down 25 points of tariff on the Mississippi River after scaling higher on pre-harvest demand and logistics worries on the country's busiest waterway.
Low water on the Mississippi River has prompted barge lines to restrict vessel drafts, reducing the amount of grain and soy that can transit from the Midwest to Gulf Coast export terminals.
The river gauge at Memphis was at -5.6 feet on Tuesday afternoon and was forecast to drop to -8 feet by the end of the month, which would be about 4 feet from a record low set two years ago, according to NOAA data.
CIF September corn barges were bid 2 cents lower at 78 cents over CBOT December CZ25 corn futures.
FOB export premiums for corn shipped in October were flat at around 100 cents over December futures.
CIF Gulf soybean barges loaded in September were bid steady at 60 cents over Chicago Board of Trade November SX25 futures.
FOB export premiums for soybeans shipped from the Gulf in October were unchanged at about 75 cents over November futures.
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