Basis bids for corn shipped by barge to the US Gulf Coast were steady to firmer on Tuesday, underpinned by tight nearby supplies due to a lack of recent farmer sales and slow barge movement, traders said. CIF soyabean basis bids were mostly lower as futures rose for a second straight session and as exporters anticipated heightened competition from Brazilian exports in the coming months. However, tight spot supplies at the Gulf had some exporters offering premiums for barges loading this week in ice-free areas or already loaded at the Gulf, traders said.
CIF wheat premiums were mostly unchanged. Icy Midwest river conditions, particularly on the upper Illinois River, have limited the volume of corn and soyabeans available to exporters. Towing vessel configurations are restricted to nine barges on the Illinois south of Hennepin, down from 15 barges normally, a barge broker said.
Ohio River shipping near Lock 52 at Paducah, Kentucky, a major shipping choke point, resumed after a two-day closure as crews there lowered the dam's wickets amid a rising river. Vessels are now passing over the lowered dam instead of using the locks. Argentina has set a maximum rate paid for port docking and undocking services, the government said in its official gazette on Tuesday, a change the Transportation Ministry said would slash docking costs by up to 40 percent.
Corn barges loaded in January traded at 50 cents over Chicago Board of Trade March futures, up 2 cents from bids late on Friday. January export loading capacity at the Gulf was largely sold out. February corn export shipments were offered a penny higher at 60 cents over futures.
Soyabean barges loaded in the first half of January were bid 2 cents lower at 44 cents over CBOT March futures. Bids for barges loaded south of St. Louis during that time commanded a 2-cent premium, while bids for loaded barges at the Gulf were at a premium of 6 cents or more, traders said. FOB Gulf soyabean offers for February were flat at 53 cents per bushel above futures.