CIF/FOB Gulf Grain-Corn, soybean barge bids steady-firm on export demand, higher freight costs

CHICAGO, April 27 (Reuters) - Spot basis bids for corn and soybeans shipped by barge to U.S. Gulf Coast terminals were flat to slightly firmer on Monday, supported by a lack of farmer selling, elevated freight costs and steady demand for grain from exporters, traders said.

• High fuel costs have raised expenses for barge freight, one broker said, underpinning CIF values for grains at the Gulf. Some grain elevators and grain processors are seeing a roll-out of fuel surcharges by trucking and transportation firms, as the Iran war stretches on, brokers said.

• Oil prices climbed almost 3% on Monday as peace talks between the U.S. and Iran stalled and shipments through the Strait of Hormuz remained limited, keeping global oil supplies tight.

• Chicago Board of Trade corn Cv1 and soybean Sv1 futures rallied on Monday, following gains in crude oil, as U.S.-Iran peace talks stalled leaving Gulf shipping blocked, analysts said. Corn and soybean futures often track fluctuations in crude oil prices, as both are feedstocks for biofuels. O/R

• Gulf FOB markets continued to be steady to firm on export demand, pressure from recent Argentina harvest delays and U.S. farmers turning their focus on spring planting, dealers said.

• The U.S. Department of Agriculture reported export inspections of U.S. corn in the week ended April 23 at 1,644,191 metric tons, within trade expectations for 1,300,000 to 1,890,000 tons. USDA/I

• The USDA also reported soybean inspections at 628,826 tons, within trade expectations for 500,000 to 930,000 tons.

• CIF Gulf corn barges loaded in April were bid at 97 cents over CBOT May CK26 futures, up 1 cent from Friday, while May barge loadings were bid at 95 cents over futures.

• FOB corn vessels loaded at the Gulf in June were offered at around 100 cents over CBOT July CN26 futures, steady from Friday.

• For soybeans, bids for CIF Gulf barges loaded in April were 96 cents over CBOT May SK26 futures. May soybean barge bids were steady at 98 cents over futures.

• FOB export premiums for June soybean vessels at the Gulf held steady at around 96 cents over July SN26 futures.

• Ukrainian Foreign Minister Andrii Sybiha said on Monday that Israel's ambassador had been summoned to his ministry over what he described as Israeli inaction in allowing shipments of so-called "stolen" grain to enter the country from Russian-occupied Ukraine.

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