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5 years ago
CIF Gulf Grain-Spot soybean basis firm on tight supplies
August 21, 2012 / 3:22 PM / 5 years ago

CIF Gulf Grain-Spot soybean basis firm on tight supplies

Aug 21 (Reuters) - Spot basis bids for soybeans shipped by
barge to the U.S. Gulf Coast were firm early on Tuesday on tight
nearby supplies with slow barge movement on the drought-parched
Mississippi River, traders said.
    * CIF corn basis bids were about steady capped by slow
demand from Gulf exporters and ample available supplies from the
southern U.S. harvest.
    * CIF wheat basis bids were mostly steady, underpinned by
slow grain movement.
    * Barge traffic restricted by low water on the lower
Mississippi River. Numerous vessels have run aground and
dredging was underway at some locations, which was slowing barge
movement.
    * Barge drafts restricted to 9 feet (2.7 meters) on much of
the Mississippi and barge tow sizes also restricted due to low
water. 
    * Safety zone in effect near Greenville, Mississippi, with
southbound traffic restricted to daylight hours only between
mile markers 530 to 535, according to the U.S. Coast Guard. The
area was temporarily closed by the Coast Guard on Monday,
leading to a backup of nearly 100 vessels.
    * August-loaded soybean barges, which may not arrive at the
Gulf until early September, were lightly bid around 130 over
CBOT November, steady with Monday.
    * Afloat soybean barges for arrival at the Gulf by Thursday
traded at 135 cents a bushel over CBOT November, up at least 5
cents from nearby bids on Monday but below afloat trades as high
as 160 over last week.
    * CIF basis bids for August corn barges were flat at 30
cents a bushel over CBOT September futures. The spot bid
was at a 16-cent discount to first-half September barges.
    
    To check displays of CIF basis, click on following:
    U.S. CIF Gulf soybeans 
    U.S. CIF Gulf corn 
    U.S. CIF Gulf SRW wheat 
    U.S. CIF Gulf HRW wheat 
    
    LINKS
    * FOB U.S. Gulf Grain                   
    * U.S. grain export summary             
    * Brazil soybean export prices          
    * Brazil corn export prices             
    * U.S. barge freight                    

 (Reporting by Karl Plume in Chicago; Editing by Tim Dobbyn)

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