CIF/FOB Gulf Grain-Soybean barge bids firm as traders await Trump-Xi meeting

CHICAGO, Oct 29 (Reuters) - Basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals were steady to higher on Wednesday after Chinese importers made their first purchases of newly harvested U.S. soybeans this season, traders said.

• Traders said China's COFCO bought three cargoes of U.S. soybeans for shipment from the Pacific Northwest in December or January. They were the first known purchases by the top soy importing country in this marketing year.

• Basis gains were capped by uncertainty around a meeting on Thursday between U.S. President Donald Trump and Chinese President Xi Jinping. A framework of a trade deal agreed by negotiators last weekend is expected to revive Chinese buying of U.S. soy, although volumes were unclear.

• Sharply lower Brazilian soy export premiums over the past week could limit demand for U.S. shipments, traders said. Top exporter Brazil still has soy available from its last harvest and export premiums there have dropped as futures surged this week.

• Chicago Board of Trade soybean futures ended lower on Wednesday after rallying to 15-month highs on trade deal optimism.

• CIF Gulf October soybean barge bids rose to 94 cents over CBOT November SX25 futures, up 2 cents. November barge bids held at 94 cents over futures.

• FOB export premiums for November-loaded soybeans were steady at 105 cents over futures and December offers were unchanged at 97 cents over CBOT January SF26 futures.

• CIF corn basis bids firmed with soybeans, with October barge bids up a penny at 86 cents over CBOT December CZ25 futures. November corn barge bids rose 2 cents to 86 cents over futures.

• FOB export premiums for November corn shipments held steady at 94 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