CIF/FOB Gulf Grain-Spot soybean barge basis bids turn lower, corn steady-higher

CHICAGO, Jan 28 (Reuters) - Basis bids for soybeans shipped by barge to U.S. Gulf Coast export terminals turned lower on Wednesday, adding to the volatility seen this week amid currency pressure, rising freight rates and weather woes snarling navigation on Midwest rivers, traders said.

• Basis bids for corn were steady to higher.

• The U.S. dollar firmed on Wednesday, recovering somewhat after the greenback recently hit a four-year low amid eroding investor confidence in U.S. economic stability. A weaker dollar can be a boon for agricultural exports, as it makes U.S. crops seem cheaper and more appealing to overseas buyers, analysts said.

• U.S. corn and soybean futures turned higher on weather concerns in Argentina, as well as optimism over domestic biofuel growth in the wake of comments by U.S. President Donald Trump about steps to approve use of a higher blend of corn-based ethanol fuel. GRA/

• Barge movement along the Mississippi River from St. Louis to Cairo, as well as movement along the Illinois River, has come to a halt in some areas as ice continues to build and river transit slows, traders said.

• Barge freight rates remained high, as low water levels have also prompted some barge loading limits, dealers said. BG/US

• CIF soybean barges loaded in January traded at 125 cents and at 120 cents over Chicago Board of Trade March soybean SH26 futures.

• Meanwhile, CIF basis bids for soybean barges loaded in January were down 7 cents at 115 cents over March soybean futures. February barge basis bids ticked 1 cent lower at 108 cents over March futures.

• FOB Gulf soybean offers for vessels loaded in February were down 1 cent at 121 cents over March futures, while offers for March shipments were steady at about 130 cents over futures.

• CIF Gulf January corn barges basis bids were steady at 110 cents over CBOT March CH26 futures. February barges rose 4 cents at 105 cents over March futures.

• FOB export premiums for February corn shipments were 1 cent higher at 115 cents over March futures, while March offers were steady at 120 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