CIF/FOB Gulf Grain-Soybean basis eases on weak autumn export demand

CHICAGO, Sept 17 (Reuters) - Basis bids for soybeans shipped by barge to U.S. Gulf Coast export terminals were steady to lower on Wednesday on below-normal demand for fall shipments and expectations for a bumper U.S. harvest, traders said.

• Basis bids for CIF corn were mostly steady on Wednesday, stabilizing after declines earlier this week.

• Traders are awaiting weekly USDA export sales data due on Thursday morning.

• Elevated freight costs due to low water levels on the Mississippi River limited basis declines in the CIF market, traders said. Barge lines have restricted drafts and tow sizes, limiting the amount of grain per barge and raising per-bushel freight costs.

• The river gauge at a critical choke point on the Mississippi River at Memphis was at -5.6 feet on Wednesday afternoon, according to NOAA data. The river was forecast to drop to -8 feet by the end of the month, which would be only about 4 feet above a record low set two years ago.

• U.S. President Donald Trump and China's Xi Jinping are due to speak by phone on Friday. The two are expected to discuss Chinese purchases of U.S. soybeans as the top importer has yet to book any new-crop U.S. soy.

• China has already filled its September and October soy import needs with South American purchases. Importers there have also been booking November shipments from Brazil this week.

• CIF Gulf soybean barges loaded in September were bid 3 cents lower at 57 cents over Chicago Board of Trade November SX25 futures.

• FOB export premiums for soybeans shipped from the Gulf in October were down 5 cents at 70 cents over November futures.

• CIF September corn barges were bid steady at 78 cents over CBOT December CZ25 futures.

• FOB export premiums for October corn shipments were unchanged at 100 cents over December futures.