CIF/FOB Gulf Grain-Soybean barge basis firm on river shipping delays

CHICAGO, April 10 (Reuters) - Basis bids for soybeans delivered by barge to U.S. Gulf Coast terminals were steady to higher on Thursday as river shipping issues and recent slow farmer sales have thinned supplies available to exporters, traders said.

* CIF corn basis bids were flat to weaker, weighed down by rising futures prices.

* Flooding on the lower Ohio River and the lower Mississippi River has slowed or entirely halted grain barge loading and movement. Waters are above flood stage and are not forecast to recede for at least another week, according to National Water Prediction Service data.

* Barge lines are restricting vessel movement to daylight hours only in several locations and limiting tow sizes due to high water, shipping sources said.

* Repair work at Lock 27 on the Mississippi River has also slowed movement of barges to the Gulf. Traders are anticipating the lock chamber is unlikely to reopen this week as had been expected, which has supported nearby freight rates. BG/US

* The U.S. Department of Agriculture (USDA) on Thursday raised its corn export forecast for the 2024/25 season in a monthly report.

* In a separate report, the USDA said net old-crop U.S. corn export sales last week were at the lowest in six weeks and soybean sales were at an eight-week low. EXP/CORN EXP/SOY

* CIF Gulf soybean barges loaded in April were bid 4 cents higher at 78 cents over Chicago Board of Trade May SK25 futures.

* Export premiums for soybeans loaded in April were held at 93 cents over May futures, while deferred offers were steady to up 3 cents.

* CIF Gulf corn barges loaded in April were bid 3 cents lower at about 73 cents over CBOT May CK25 futures.

* FOB export premiums for corn shipped in April were flat at 86 cents over futures.

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