CIF/FOB Gulf Grain-Soybean premiums rise after China commits to purchases

CHICAGO, Oct 30 (Reuters) - Basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals and loaded for export were higher on Thursday after U.S. officials said China agreed to restart U.S. soy purchases and made purchase commitments for the next three years.

• U.S. Treasury Secretary Scott Bessent said on Thursday that China agreed to buy 12 million metric tons of U.S. soy through January and an annual 25 million tons for the next three years. The agreement will be signed as soon as next week, Bessent said.

• China's COFCO bought three cargoes of U.S. soybeans earlier this week, the first known purchases for the current marketing year.

• Exporters have raised FOB offers this week for shipments from the Gulf Coast and Pacific Northwest in anticipation of Chinese demand. Traders could not confirm any new purchases on Thursday.

• CIF Gulf soybean barge bids for October and November loadings rose 2 cents to 96 cents over CBOT November SX25 futures.

• FOB export premiums for soybeans loaded in December gained 3 cents to 100 cents over CBOT January SF26 futures. January shipments were offered at 105 cents over futures, also up 3 cents.

• CIF corn October and November basis bids were up 2 cents at 88 cents over CBOT December CZ25 futures.

• FOB export premiums for November corn shipments rose 3 cents to 97 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