CIF/FOB Gulf Grain-Soybean basis mixed on barge shipping delays, rising futures

CHICAGO, Feb 10 (Reuters) - Basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals were mixed on Tuesday as seasonally slowing export loadings and rising futures values weighed on nearby values, while deferred bids edged higher, traders said.

• Chicago Board of Trade soybeans Sv1 closed at the highest point in two months, aided by optimism that Chinese purchases could accelerate amid trade talks between Washington and Beijing.

• Ongoing shipping delays due to icy conditions on some Midwest rivers underpinned nearby basis values. Conditions have improved this week due to milder weather, but barge lines reported ongoing delays in cleaning barges and getting them in position to load.

• Rising soybean futures prices sparked more farmer sales this week, which anchored basis values for near-term shipments.

• U.S. soybean export demand was light. China booked several cargoes late last week but importers have been largely absent from the market this week.

• Easing Brazilian soy prices limited demand for U.S. shipments. Private importers in China have been actively booking Brazilian soy purchases for March through May or June, traders said.

• The U.S. Department of Agriculture raised its Brazilian soybean production outlook in a monthly report on Tuesday but kept its export forecasts for Brazil and the United States unchanged. The agency said its export outlook could shift if China commits to buy more U.S. soy instead of Brazilian soy as part of a trade deal with the United States.

• CIF Gulf soybean barges loaded in February and March were bid a penny lower at 102 cents over CBOT March SH26 futures. Basis bids for loadings in April and beyond were up as much as 2 cents.

• FOB premiums for February and March loadings held steady at around 130 cents over March futures.

• CIF corn barges loaded in February were bid 4 cents lower at 100 cents over CBOT March CH26 corn futures. March barges were bid 2 cents lower at 97 cents over futures.

• February corn export premiums were around 127 cents over March futures, and March FOB offers were around 125 cents over futures, both unchanged.

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