CIF/FOB Gulf Grain-Soybean barge basis firms on Chinese demand

CHICAGO, July 7 (Reuters) - Spot basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals were steady to higher on Tuesday, supported by renewed demand from China, while corn barge basis bids were unchanged to firmer, traders said.

  • China's state-owned trader COFCO bought at least five cargoes to as many as 10 cargoes of new-crop U.S. soybeans on Monday. The traders said China was again shopping for new-crop soybeans on Tuesday but could not confirm additional sales volumes.

  • The shipments were slated to load at Gulf and Pacific Northwest ports beginning in September, they said.

  • Soybean basis values at the Gulf ticked higher for a second straight day on the Chinese buying, even as futures prices advanced.

  • CIF soybean barges loaded in July were bid 12 cents higher at 92 cents over CBOT August soybean futures SQ26. August soy barges traded at 107 cents over futures, up 3 cents from trades on Monday. September barges traded as high as 99 cents over November futures SX26, up 5 cents from prior trades.

  • FOB offers for August soybean shipments from the Gulf were up 2 cents at 110 cents over CBOT August futures.

  • CIF corn barges loaded in July were bid steady at 94 cents over CBOT July futures CN26. August corn barges were bid 98 cents over September futures CU26, also unchanged.

  • FOB export premiums for Gulf corn vessels loaded in the first half of August were 112 cents over September futures, while last-half August loadings were bid at 116 cents over futures, steady with Monday.

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


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