CIF/FOB Gulf Grain-Corn, soy basis mostly steady as low water slows barges

CHICAGO, Sept 29 (Reuters) - Basis bids for soybeans and corn shipped by barge to U.S. Gulf Coast export terminals were near unchanged on Monday as low water on the Mississippi River slowed shipments and kept freight costs well supported, traders said.

• Solid corn export demand underpinned CIF values for the grain. Soybean demand, however, remained limited as top importer China has been shunning U.S. supplies amid trade tensions with Washington.

• The U.S. Department of Agriculture said 1,527,145 metric tons of corn were inspected for export last week, up 10% from a week earlier and near the high end of a range of trade estimates. Nearly 44% of the shipments were from the Gulf Coast, according to the USDA.

• The USDA on Monday also reported private U.S. corn export sales totaling 246,328 metric tons to Mexico and undisclosed destinations.

• Soybean export inspections of 593,956 metric tons were near the low end of trade estimates.

• Barge lines are restricting drafts and tow sizes on the lower Mississippi River due to low water, which drives up the per-bushel cost of shipping grain by barge to Gulf Coast export terminals. BG/US

• The Mississippi River gauge at Memphis was near -3.7 feet on Monday afternoon, up about 4 feet from last week but at a critical level that requires light-loading of barges. The river is forecast to recede by another 5 feet by mid-October, according to a government forecast.

• CIF September corn barges were unchanged at 76 cents over Chicago Board of Trade December CZ25 futures, while October export premiums held at 98 cents over futures.

• CIF Gulf soybean barges loaded in September were flat at 60 cents over CBOT November SX25 futures, and October FOB export premiums held at about 73 cents over 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