Basis bids for corn and soyabeans shipped by barge to the US Gulf Coast were mostly higher on Tuesday as icy conditions on the Illinois River limited supplies available to exporters, traders said. Some barges were still navigating southern portions of the Illinois River south of Havana, Illinois. Further north, the navigation channel is fully frozen over, traders said.
Spot barge freight rates on the Illinois River rose by 10 percentage points of tariff on Tuesday, according to industry data. Current-week rates on the lower Ohio River and Mississippi River at St. Louis were unchanged. FOB basis offers for corn and soyabeans at Gulf terminals were firmer for nearby loading slots amid barge shipping woes. Also, rain and fog have delayed export loading in recent weeks so open loading capacity this month is tight, traders said.
Wheat premiums were mostly unchanged on light demand and higher futures. Bids for corn barges loaded this month were up a penny at 43 cents above Chicago Board of Trade March futures. FOB basis offers for January corn shipments were 61 cents over futures.
CIF bids for soyabean barges loaded this month were up 1 cent at 36 cents a bushel over CBOT March futures. February barges traded 4 cents higher at 40 cents over futures and March barges traded at 37 cents over futures, up 2 cents. FOB Gulf offers for January soyabean shipments were 52 cents over CBOT March futures.
Bids for soft red winter wheat barges loaded in January were steady at 55 cents per bushel over CBOT March futures. FOB Gulf export offers for January shipments were 70 cents over futures. December CIF hard red winter wheat bids were unchanged at 225 cents over the K.C. March contract for 12 percent protein grain. January export offers were quoted around 235 cents over futures.