CIF/FOB Gulf Grain-Corn, soybean basis bids turn higher as freight rates firm, spate of export news

CHICAGO, Jan 15 (Reuters) - Basis bids for soybeans and corn shipped by barge to U.S. Gulf Coast terminals firmed on Thursday, after the U.S. Department of Agriculture reported news about a flurry of export sales, traders said.

• Barge freight costs have edged higher this week, as barge lines have limited drafts in some areas — particularly along parts of the Illinois River around the La Grange area, barge sources said. Delays there have been generally limited this week, but those delays could grow with forecasts of cold weather and the potential of ice building up on the river, the sources said. BG/US

• On Thursday, the U.S. Department of Agriculture confirmed private sales of 749,000 metric tons of U.S. soybeans. Of that total, 204,000 tons were sold to China and 470,000 tons were sold to "unknown destinations" for delivery in the 2025/26 marketing year; and 75,000 tons were sold to "unknown destinations" for delivery in the 2026/27 marketing year.

• USDA also confirmed private sales of 760,302 tons of U.S. corn. Of that total, 260,000 tons were sold to Japan and 500,302 tons were sold to "unknown destinations," all for delivery in the 2025/26 marketing year.

• Separately, a group of South Korean flour mills bought an estimated 50,000 tons of milling wheat to be sourced from the United States in an international tender, European traders said.

• CIF Gulf January corn barges traded at 91 cents over Chicago Board of Trade March corn CH26 futures, while barges for the April-May timeframe traded at 83 cents over CBOT May corn CK26 futures.

• CIF Gulf January corn barges were bid 4 cents higher, at 90 cents over March corn futures; February CIF corn barges were bid at 92 cents, up 3 cents, over March futures.

• FOB export premiums for February corn shipments were steady — offered at about 109 cents over March futures, dealers said. FOB export premiums for March shipments were offered at 110 cents over futures.

• CIF bids for Gulf soybean barges loaded in February traded for 97 cents over CBOT March soybean SH26 futures, while March loadings traded at 95 cents over March futures.

• CIF bids for Gulf soybean barges loaded in January were up 1 cent at 96 cents over March soybean futures. February barges were also up 1 cent, bid at 95 cents over March futures.

• FOB Gulf soybean offers for vessels loaded in February were steady at about 118 cents over March futures, and offers for March shipments were steady at 115 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