CIF/FOB Gulf Grain-Soybean basis firms as icy river conditions slow barge movement

CHICAGO, Feb 2 (Reuters) - Basis bids for soybeans shipped by barge to U.S. Gulf Coast export terminals were mostly higher on Monday as icy conditions on Midwest rivers impeded navigation while cold weather slowed handling and loading of barges, traders said.

• At least one major barge operator has halted northbound vessel movement on the Illinois River due to heavy ice buildup and the risk that river conditions would worsen in the coming weeks.

• Barge lines are also still recovering from severe disruptions to operations from a massive winter storm late last month, including ongoing delays for barge handling and cleaning services.

• Barge freight rates remained elevated due to the weather-related delays. Meanwhile, low water on the Mississippi River prompted barge lines to limit vessel drafts and restrict tow sizes, raising the per-bushel cost of hauling grain.

• Spot barge freight rates on Monday were up 50 to 100 points of tariff from just a week ago. BG/US

• CIF soybean barges loaded in January traded at 118 cents over Chicago Board of Trade March soybean SH26 futures, up 3 cents from bids late Friday. February barge basis bids were up 9 cents at 119 cents over March futures.

• FOB Gulf soybean offers for vessels loaded in February were up 3 cents at about 125 cents over March futures, while offers for March shipments were steady at about 130 cents over futures.

• CIF Gulf January corn bids were steady at 115 cents over CBOT March CH26 corn futures, while February barges were bid 2 cents lower at 106 cents over March futures.

• FOB export premiums for February corn shipments held steady at 117 cents over March futures, while March offers were unchanged at about 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