CIF/FOB Gulf Grain-Soy, corn barge bids firm as China books US soybeans
CHICAGO, Oct 14 (Reuters) - Basis bids for soybeans shipped by barge to the US Gulf Coast strengthened on Wednesday after the US Department of Agriculture confirmed fresh US soy sales to China, the first such deals since the September summit between Presidents Donald Trump and Xi Jinping.
The USDA confirmed private sales of 470,000 metric tons of soybeans for delivery to China.
Three trade sources told Reuters that Chinese state buyers purchased 8 to 10 Panamax cargoes of US soybeans this week, or up to 650,000 tons, for shipment from December onwards.
The market had been awaiting signs of renewed Chinese buying after a weeks-long hiatus.
Meanwhile, Gulf corn bids also firmed, reflecting exporter demand as Midwest farmers focused on harvesting soybeans at an aggressive pace over the last week.
Soybean yields in the Midwest have been very strong while corn yields have been "not as tremendous," a central Illinois merchandiser said.
Farmers were generally delivering soybeans to grain elevators, including river facilities that feed the Gulf, the broker said, while storing corn.
CIF Gulf soybean barges loaded in October were bid at 85 cents over CBOT November soybean futures, up 5 cents from Tuesday.
FOB export premiums for Gulf soybeans loaded in the first half of November were offered at around 117 cents over futures, down 2 cents from Tuesday, while loadings for last-half November were around 120 cents over futures, up 1 cent.
For corn, CIF Gulf barges loaded in October were bid at 76 cents over CBOT December corn futures, up a penny from Tuesday, and November corn barges were bid at 88 cents over futures, up 2 cents.
FOB export premiums for Gulf corn vessels loaded in the first half of November were offered at 101 cents over CBOT December futures while last-half November loadings were offered at 104 cents over futures.
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
Corn prices page: cpurl://apps.cp./cms/?pageid=corn-cash-market
Wheat prices page: cpurl://apps.cp./cms/?pageid=wheat-cash-market
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