CIF/FOB Gulf Grain-Corn basis bids up, soybean slips as empty barge freight rates stay high

CHICAGO, Feb 3 (Reuters) - Basis bids for soybeans shipped by barge to U.S. Gulf Coast export terminals turned lower and basis bids for corn barges firmed on Tuesday, as cold weather and icy conditions on interior rivers continued to create navigation headaches, traders said.

• Chicago grain Cv1, Wv1 and soybean Sv1 futures regained ground on Tuesday, after the U.S. Department of the Treasury released updated guidance on biofuel tax credits, analysts said.

• CIF soybean barges loaded in January had no bids or offers. CIF February soybean barge basis bids were down 9 cents at 110 cents over Chicago Board of Trade March soybean SH26 futures.

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

• Late Monday, CIF Gulf barge loadings in February traded at 114 cents over CBOT March CH26 corn futures, while March barges traded at 102 cents over March futures.

• On Tuesday, CIF Gulf January corn barge loadings had no bids, while February barges were bid up 2 cents at 108 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.

• Barge lines continue to recover 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. BG/US

• Leading South Korean animal feed maker Nonghyup Feed Inc. (NOFI) bought an estimated 134,000 metric tons of animal feed corn in an international tender seeking up to 207,000 tons on Tuesday, European traders said.

• The Trump administration is working to put the details of its trade deal with India announced on Monday on paper, but said it will allow India to maintain some agricultural import protections, U.S. Trade Representative Jamieson Greer said on Tuesday.

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