CIF/FOB Gulf Grain-Soybean barge bids pull back slightly

CHICAGO, Oct 23 (Reuters) - Basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals pulled back a bit on Thursday after jumping on Wednesday, traders said.

• Traders effectively dismissed a rumor that China had bought U.S. soybeans.

• China, the world's top soy importer, has been absent from the U.S. market due to its trade conflict with Washington and has shifted its buying to South America.

• U.S. President Donald Trump will meet Chinese President Xi Jinping next week, the White House said. U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng will meet in Malaysia days before.

• Traders were hopeful for a trade deal after U.S. farmers have pressured Trump over the loss of their biggest market.

• The U.S. Department of Agriculture was not issuing daily or weekly export sales reports due to the federal government shutdown. This meant that traders would not receive an official confirmation of large sales even if they happened.

• Analysts estimated U.S. soybean export sales were 600,000 to 2 million metric tons for the week ended on October 16 and that U.S. corn export sales were 800,000 to 2 million metric tons, according to a Reuters poll.

• CIF basis bids for October soybean barges were down 2 cents at about 88 cents over Chicago Board of Trade November SX25 futures, after rising on Wednesday. November barges were also bid at 88 cents over futures, down about 2 cents.

• FOB export premiums for November-loaded soybeans were about 100 cents over futures.

• CIF corn basis bids for October barges remained at about 82 cents over CBOT December CZ25 futures. November barge loadings were bid at about 79 cents over futures, down 2 cents.

• FOB export premiums for October corn shipments were about 93 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