CIF/FOB Gulf Grain-Soy barge bids steady-firm as sales to China pick up
CHICAGO, Oct 16 (Reuters) - Basis bids for soybeans shipped by barge to the US Gulf Coast were steady to stronger on Friday following a flurry of US soybean sales to China this week, traders said.
Meanwhile, farmers have been actively harvesting soybeans and corn in the Midwest, although late-week rains slowed progress in some areas.
Farmers generally have been focused on cutting and selling soybeans while storing corn, brokers said this week, a factor that underpinned CIF corn bids at the Gulf.
The US Department of Agriculture confirmed sales of 558,000 metric tons of US soybeans to China, bringing the confirmed sales total to China to 1.358 million tons over the past three days.
The USDA also announced sales of 236,000 tons of soybeans to undisclosed destinations and 127,000 tons of US corn to Japan.
At the Gulf, CIF soybean barges loaded in the first half of October were bid at 85 cents over Chicago Board of Trade November soybean futures, unchanged from Thursday, while last-half October barges were bid at 95 cents over futures, up 1 cent.
FOB export premiums for Gulf soybeans loaded in first-half November held steady at around 117 cents over futures.
For corn, CIF corn barges loaded in last-half October were offered at 88 cents over Chicago Board of Trade December corn futures, unchanged from Thursday. November loadings were bid at 91 cents over futures, down 2 cents from Thursday.
FOB export premiums for Gulf corn vessels loaded in the first half of November were around 101 cents over CBOT December futures, unchanged from Thursday.
In its weekly export sales report, the USDA reported net corn sales in the week to October 8 at 1,122,400 tons, at the top end of trade expectations for 500,000 to 1,200,000 tons, while net soybean sales totaled 574,900 tons, at the low end of expectations for 500,000 to 1,200,000 tons.
For displays of CIF basis, click on the codes in brackets:
US CIF Gulf soybeans
US CIF Gulf corn
US CIF Gulf SRW wheat
US CIF Gulf HRW wheat
For displays of FOB basis, please click on the following codes in brackets:
US FOB Gulf corn
US FOB Gulf soybeans
US FOB Gulf SRW wheat
US FOB Gulf HRW wheat
LINKS
US barge freight BG/US
US export sales estimates USDA/EST
US grain export summary GRA/U
Brazil soybean export prices
Brazil corn export prices