CIF/FOB Gulf Grain-Soybean basis steady-firm as more Chinese demand awaited

CHICAGO, Oct 31 (Reuters) - Basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals were steady to firm on Friday while export premiums edged higher as traders anticipated an increase in sales to China following trade talks this week.

• Basis values have swelled this week ahead of a meeting between Chinese President Xi Jinping and U.S. President Donald Trump on Thursday. U.S. officials said China vowed to resume U.S. soybean purchases after a lengthy absence, with 12 million metric tons of expected demand through January.

• Traders reported market rumors that China booked minimal purchases since that meeting, but they could not confirm sales or volumes. Three cargoes were booked ahead of the meeting, the first known purchases by China since May.

• 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 2 cents to 102 cents over CBOT January SF26 futures. January shipments were offered at 107 cents over futures, also up 2 cents.

• CIF corn October basis bids were up 1 cent at 89 cents over CBOT December CZ25 futures. November bids were flat at 88 cents over futures.

• FOB export premiums for November corn shipments dipped 2 cents to 95 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