CIF/FOB Gulf Grain-Soy barge bids slip, traders await US-China talks

CHICAGO, Oct 24 (Reuters) - Basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals extended a setback on Friday, traders said.

• Traders were awaiting news on talks between U.S. and Chinese officials after China has halted purchases of American soybeans due to the nations' trade conflict.

• U.S. President Donald Trump was slated to meet Chinese President Xi Jinping next week in South Korea.

• On Saturday, U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer were due to talk with Chinese Vice Premier He Lifeng in Malaysia.

• The U.S. Trade Representative office said it launched a new tariff investigation into China's "apparent failure" to comply with the "Phase One" trade deal signed with Trump in 2020 to end his first-term U.S.-China trade war.

• Traders said they hoped China would resume buying U.S. soy or make a commitment to purchases. The U.S. has already lost out to South American suppliers on sales to China for much of the U.S. export window this autumn.

• U.S. exports to other destinations have been solid, though low water levels on the Mississippi River have raised shipping costs, according to the Soy Transportation Coalition.

• Barge companies had to resort to lighter loadings south of St. Louis to avoid scraping the bottom of the shipping channel, the coalition said.

• CIF basis bids for October soybean barges were down 3 cents at about 85 cents over Chicago Board of Trade November SX25 futures, extending a setback from gains on Wednesday. November barges were bid at 86 cents over futures, down about 2 cents.

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

• For corn, CIF basis bids for October barges were steady at about 82 cents over CBOT December CZ25 futures. November barge loadings were bid at about 79 cents over futures, which was also unchanged.

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

• The United States imposed sanctions on the president of Colombia, a large buyer of U.S. corn.

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