CIF/FOB Gulf Grain-Corn, soy basis flat-lower on weaker barge freight, firm futures
CHICAGO, March 3 (Reuters) - Basis bids for soybeans and corn shipped by barge to U.S. Gulf Coast terminals were flat to weaker on Tuesday on higher futures prices and easing freight costs, grain merchants said.
Spot barge freight rates on Midwest rivers declined on the Illinois River and the Mississippi River at St. Louis on scattered demand. River conditions have improved following recent precipitation across the river basin that has raised water levels. BG/US
Gulf exporter demand for corn and soy was moderate as corn sales remained solid, with U.S. prices the cheapest among major exporters.
The U.S. Department of Agriculture on Tuesday reported private export sales of 196,000 metric tons of U.S. corn to undisclosed buyers.
Exporters remained hopeful that China would return to the U.S. soybean market ahead of a planned meeting between U.S. President Donald Trump and Chinese President Xi Jinping at the end of the month. Top trade negotiators are expected to meet in mid-March.
Export premiums at the Gulf firmed on tight spot loading capacity and on hopes for additional soybean purchases by China.
CIF Gulf soybean barges loaded in February and March were bid a penny lower at 89 cents over Chicago Board of Trade May SK26 soybean futures.
FOB export premiums for soybeans loaded from the Gulf in March were up a penny at around 117 cents over May futures. Offers for April loadings gained 4 cents to 110 cents over futures.
CIF Gulf corn barges loaded in February were bid at 88 cents over May CK26 corn futures, down about 2 cents from a day earlier. March corn barge bids were down a penny at 85 cents over futures.
FOB corn export premiums for March corn loadings were 2 cents higher at around 107 cents over May CK26 futures.
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