Soy, corn barge bids climb as supplies tighten

Basis bids for soybeans and corn delivered by barge to the U.S. Gulf Coast have increased due to tight pipeline supplies and slow barge movement through the mid-Mississippi River. Repairs at two locks on the Mississippi River have also delayed barge tows. Meanwhile, farmers are withholding grain sales due to a slide in Chicago Board of Trade corn and soybean futures, leading to tight grain supplies at the Gulf. This has resulted in an inverted CIF market, particularly for soybeans, with March barges commanding a premium over later loadings.

Basis bids for soybeans and corn delivered by barge to the U.S. Gulf Coast continued to ratchet higher on Friday, buoyed by tight pipeline supplies and slow barge movement through the mid-Mississippi River, traders said. * Repairs at two locks on the Mississippi River near St. Louis, Locks 26 and 27, have delayed barge tows as more sections of the river system open back up to traffic after winter closures. * The U.S. Army Corps of Engineers this week said that repairs to main lock at Melvin Price Lock 26 should be complete by April 4 and the main lock at Lock 27 should reopen on April 11, instead of April 1. Auxiliary locks have been open at both sites since repairs began in January, But because the auxiliary chambers are smaller than the main locks, large barge tows must be split up and then reconnected after passing through, which takes time. * Along with barge issues, farmers have been reluctant to sell much grain in recent weeks due to a slide in Chicago Board of Trade ...