CIF/FOB Gulf Grain-Soy barge bids dip after active week of export sales

Basis bids for soybeans shipped by barge to U.S. Gulf Coast export terminals eased for a second straight day on Friday in a further pullback from a midweek basis spike triggered by strong demand from China, traders said.

Nearly 3 million metric tons of soybeans were sold for export this week, mostly to China’s state-owned importers, according to traders and U.S. government data.

Traders are monitoring for further sales to China ahead of a meeting next week between Biden-Xi meeting next week.

Nearby soybean barge basis values surged to multi week highs as shippers scrambled for supplies before prices eased back on Thursday and Friday.

CIF Gulf soybean barges loaded in November were bid 68 cents over Chicago Board of Trade (CBOT) January SF24 futures, down 3 cents from a day earlier and down 6 cents from midweek highs.

Export premiums for soybeans loaded through January fell to 82 cents over January SF24 futures, down 2 cents.

CIF November corn barges were bid 69 cents over CBOT December CZ3 futures and December barges were bid 70 cents over futures, both unchanged in the day.

November corn FOB export premiums held at around 74 cents over futures.
Source: Reuters (Reporting by Karl Plume; editing by Diane Craft)