CIF/FOB Gulf Grain-Soybean basis eases on sluggish harvest export demand

CHICAGO, Sept 24 (Reuters) - Basis bids for soybeans shipped by barge to U.S. Gulf Coast export terminals were steady to slightly lower on Wednesday, as harvest export demand remained sluggish, traders said.

• Chinese importers kept up a hectic pace of Argentine soybean purchases - with Chinese buyers having booked about 20 cargoes - after the South American supplier's move to abolish export taxes temporarily made its prices competitive, traders said on Wednesday.

• The purchases are chipping away at U.S. market share as its farmers begin harvesting a bumper crop shunned by China amid a trade war between the world's two largest economies.

• CIF Gulf soybean barges loaded in September eased down 1 cent, bid at 58 cents over Chicago Board of Trade November SX25 futures.

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

• Corn basis bids also eased slightly in the spot market, while barge freight rates stayed elevated, market sources said.

• CIF September corn barges were bid down 1 cent, at 78 cents over CBOT December CZ25 futures.

• FOB export premiums for October corn shipments were steady at 99 cents over December futures.

• Low water levels on parts of the Mississippi River have caused some slow-down in barge traffic, market sources said.

• While recent rainfall will give some stages a slight increase in the next couple days, the weather forecast is for hot and dry weather across much of the U.S. Midwest over the next 10 days. BG/US

• The U.S. Department of Agriculture on Wednesday issued a correction to an export sales report it released on September 22. Exporters sold 312,956 metric tons of U.S. corn to Mexico for 2025/2026 delivery, USDA said. Previously, the agency said exporters sold 320,068 metric tons.

• Exporters sold 101,400 metric tons of U.S. soybean cake and meal for delivery Guatemala for delivery during the 2025/2026 marketing year, USDA said Wednesday.

• A group of South Korean flour mills bought an estimated 50,000 metric tons of milling wheat to be sourced from the United States in an international tender on Wednesday, European traders said.

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