CIF/FOB Gulf Grain-Soybean barge bids lower, corn bids generally steady

CHICAGO, Nov 11 (Reuters) - Basis bids for soybeans shipped by barge to the U.S. Gulf Coast turned lower in nearby loading positions on Tuesday, as traders waited for signs of Chinese buying, traders said.

• Corn basis bids were generally steady, traders said.

• Export premiums softened, particularly for U.S. soybeans, amid uncertainty over export demand, traders said.

• Traders said that cash markets are giving an indication to the market that soybean futures may be higher than expected; prices have held relatively steady, dealers said.

• Chicago soybeans did ease back on Tuesday, for the first time in three sessions, as the market came under pressure amid a lack of large-scale purchases by China, the world's largest importer of the oilseed, despite earlier announcements from U.S. officials.

• CIF Gulf soybean barges loaded in December traded at 78 cents a bushel over Chicago Board of Trade January SF26 futures, while barges loaded in the last half of December traded at 79 cents a bushel over futures.

• Meanwhile, soybean barges loaded in January also traded at 85 cents a bushel over January futures.

• CIF Gulf soybean barges loaded in November were bid at 62 cents a bushel over Chicago Board of Trade January SF26 futures, down 8 cents from Monday.

• FOB export premiums for soybeans loaded in December dropped 4 cents at around 103 cents over CBOT January SF26 futures. Premiums for later months also turned lower on sluggish demand, traders said.

• November corn barge bids were steady at 76 cents over CBOT December CZ25 futures.

• FOB export premiums for December corn shipments were 3 cents lower, at around 97 cents over futures — and later months also saw a drop in premiums.

• State trader COFCO's oilseed unit said it has signed agreements to purchase Brazilian soybeans, soybean oil, palm oil and other agricultural products, with a total volume of nearly 20 million tons worth over $10 billion.