CIF/FOB Gulf Grain-Soy, corn basis bids mixed amid elevated barge rates, biofuel demand optimism

CHICAGO, Feb 25 (Reuters) - Basis bids for soybeans and corn shipped by barge to U.S. Gulf Coast terminals were mixed on Wednesday, as barge freight rates stayed high and traders anticipated export demand from China.

• Chicago Board of Trade soybean futures Sv1 set a three-month high on Wednesday, buoyed by optimism over demand for U.S. biofuel production and exports to China, analysts said.

• Rumors of Chinese interest in U.S. soybean shipments from the Pacific Northwest supported price gains, CM Navigator analyst Donatas Jankauskas said.

• CIF Gulf soybean barges loaded in February were bid at 112 cents over Chicago Board of Trade March SH26 soybean futures, up 2 cents from Tuesday. March loadings were bid at 109 cents over futures, down 1 cent.

• FOB premiums for February soybean export loadings were down 1 cent, at around 129 cents over March futures, while March export loadings were steady at 130 cents over futures.

• CIF corn barges loaded in February were bid at 110 cents over CBOT March CH26 corn futures, up 1 cent. March barges were down 1 cent, at 105 cents over futures.

• Meanwhile, CIF corn barges loaded in February traded at 114 cents over March corn futures, while March loadings traded at 108 cents over futures.

• FOB corn export premiums for February were around 125 cents over March futures, down 1 cent; March offers were down 2 cents at around 123 cents over futures.

• Empty barge freight rates continued to firm, with spot prices increasing along the Illinois and Ohio Rivers, on tight barge supply, traders said. BG/US

• Basis bids for soybeans in the cash market were steady to higher at elevators and processors in a spot check of locations in the U.S. Midwest on Wednesday as futures climbed.

• Taiwan's MFIG purchasing group bought about 65,000 metric tons of animal feed corn expected to be sourced from the United States in an international tender, European traders said. Traders reported that only U.S. corn was offered in the tender. Price offers for Brazilian, Argentine and South African corn were requested by MFIG but none were reported.

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