CIF/FOB Gulf Grain-Soy basis stays largely flat, China dispute worries traders

CHICAGO, Oct 10 (Reuters) - Basis bids were largely steady for soybeans shipped by barge to U.S. Gulf Coast terminals on Friday, traders said, as trade tensions escalated with top importer China.

• U.S. President Donald Trump said there was no reason to meet with China's President Xi Jinping in two weeks in South Korea as planned, adding on social media that the U.S. was calculating a massive increase in tariffs on imports from China.

• Trump's comments came after China said it will slap port fees on U.S. vessels on Tuesday as a countermeasure to U.S. port fees on China-linked ships.

• China has not bought soybeans from the autumn U.S. harvest during its trade war with Washington.

• Beijing's latest moves signaled that China is not interested in a trade deal and has likely become accustomed to living without U.S. soybeans, a grain broker said.

• China has turned to South America for soybeans.

• The U.S. Department of Agriculture is not confirming export sales as usual due to the federal government's shutdown.

• October soy barges traded at 75 cents and 77 cents over Chicago Board of Trade November SX25 futures, traders said.

• CIF basis bids for October soybean barges slipped two cents to 74 cents over CBOT November SX25 futures. November barges were bid at 75 cents over futures, which was steady.

• FOB export premiums for October-loaded soybeans were unchanged at about 78 cents over futures.

• For corn, October barges traded at 81 cents over CBOT December CZ25 futures, traders said.

• CIF corn basis bids for October barges were flat at about 80 cents over December CZ25 futures. November barge loadings were also still bid at 80 cents over December futures.

• FOB export premiums for October corn shipments were unchanged at about 97 cents over futures.

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