CIF/FOB Gulf Grain-Soybean barge bids firm on US-China deal optimism

CHICAGO, Oct 27 (Reuters) - Basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals firmed on Monday after the United States and China agreed on the framework of a trade deal that could revive purchases by the top U.S. soy importer, traders said.

• Traders could not confirm any sales to China on Monday. Chinese tariffs on U.S. soy remain in place, making U.S. shipments costlier than those from rival exporter Brazil.

• U.S. Treasury Secretary Scott Bessent said on Sunday he anticipates that China will revive substantial purchases of U.S. soybeans for several years. The comments came after negotiators talks in Malaysia hashed out a deal framework ahead of a Thursday meeting between U.S. President Donald Trump and Chinese President Xi Jinping.

• CIF soybean bids firmed despite a Chicago Board of Trade soy futures rally to four-month highs and accelerated farmer selling.

• Soybean exports to countries other than China have been strong as low prices attracted demand. But overall demand has lagged without purchases by China.

• Soybean export inspections last week fell to 1,061,375 metric tons, down from 1,590,264 tons a week earlier and 2,630,651 tons in the same week last year, according to U.S. Department of Agriculture data.

• CIF basis bids for October soybean barges rose 2 cents to 87 cents over CBOT November SX25 futures. November barges bids hit 88 cents over futures, also up 2 cents.

• FOB export premiums for November-loaded soybeans were about 100 cents over futures, up 2 cents.

• CIF corn basis bids were mostly steady to slightly firmer.

• October corn barge bids held steady at 82 cents over CBOT December CZ25 futures. November corn barge bids rose a penny to 80 cents over futures.

• FOB export premiums for October corn shipments held steady at 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