CIF/FOB Gulf Grain-Corn, soybean barge bids creep higher

CHICAGO, Oct 17 (Reuters) - Spot basis bids for corn and soybeans delivered by barge to U.S. Gulf Coast terminals rose on Friday, traders said.

• Trade negotiations between the U.S. and top soy buyer China appeared to be getting back on track, following moves by both sides that escalated trade tensions last week.

• U.S. President Donald Trump confirmed he would meet with Chinese President Xi Jinping in two weeks in South Korea and said his proposed 100% tariff on goods from China would not be sustainable.

• However, grain traders said they were worried that talks would focus more on rare earths than on soybeans.

• China has not bought soybeans from the autumn U.S. harvest due to the trade conflict, turning to South America for supplies instead.

• Traders remained in the dark about U.S. grain and soy export sales, as the U.S. Department of Agriculture suspended daily and weekly sales reports during the federal government's shutdown.

• Farmers have been reluctant to sell soy and corn to grain handlers and processors due to low crop prices.

• U.S. corn futures extended gains into a fourth session as slow farmer sales of newly harvested grain and reports of lower-than-expected harvest yields supported the market.

• CIF corn basis bids for October barges were about 80 cents over Chicago Board of Trade December CZ25 futures, up 3 cents. November barge loadings were also bid 3 cents higher at about 80 cents over futures.

• FOB export premiums for October corn shipments were around 93 cents over futures.

• CIF basis bids for October soybean barges were about 75 cents over CBOT November SX25 futures, up 2 cents. November barges were bid at 77 cents over futures, up 3 cents.

• FOB export premiums for October-loaded soybeans remained at about 78 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