CIF/FOB Gulf Grain-Corn, soy barge bids soften as freight costs dip

CHICAGO, March 24 (Reuters) - Spot basis bids of corn and soybeans shipped by barge to U.S. Gulf Coast terminals declined on Tuesday, reflecting slower exporter demand and cheaper barge freight costs, traders said.

• Empty barges on the Mississippi River at St. Louis for this week were offered at 485% of tariff, down from 500% late last week, and bids and offers ticked lower on the Ohio River as well. Shippers seemed optimistic that freight costs would decline further, barge sources said. BG/US

• At the Gulf, CIF barges loaded in March were bid at 81 cents over CBOT May CK26 futures, down 4 cents from Monday.

• Bids for April corn barges were steady at 82 cents over futures, and corn barges loaded in the April-May time frame traded at 83 cents over futures.

• FOB Gulf corn offers for vessels loaded in April were unchanged at 95 cents over futures.

• For soybeans, CIF Gulf barges loaded in March were bid at 61 cents over Chicago Board of Trade May SK26 soybean futures, down 7 cents from Monday's bid, and April barges were bid at 65 cents over futures, down 4 cents.

• FOB export premiums of April soybean loadings held at 97 cents over futures.

• Algeria's state grains agency OAIC issued an international tender to buy milling wheat, European traders said on Tuesday. OAIC indicated a nominal volume of 50,000 metric tons, but the agency usually buys much more.

• Disruptions to nitrogen fertilizer supply through the Strait of Hormuz could reduce global grain yields and shift planting decisions, potentially lifting grain prices, Goldman Sachs said in a report on Tuesday.