CIF/FOB Gulf Grain-Soybean basis rallies as China books US purchases

CHICAGO, Nov 17 (Reuters) - Basis bids for soybeans shipped by barge to the U.S. Gulf Coast and loaded for export rallied on Monday after top importer China booked its largest purchases of the recently harvested crop.

• Chinese state-owned grain trader COFCO booked at least 14 cargoes of U.S. soybeans for shipment in December and January from terminals at both the Gulf and Pacific Northwest, traders said.

• CIF Gulf soybean barges loaded in late November traded at 79 cents a bushel over Chicago Board of Trade January SF26 futures and bids late on Monday were at 75 cents over futures, up 13 cents from late Friday. December soy barges traded as high as 86 cents over futures, up about 7 cents from bids on Friday.

• FOB export premiums for soybeans loaded in December were 10 cents higher at 112 cents over CBOT January SF26 futures.

• The jump in soybean cash premiums lifted corn basis values also due to tightening loading capacity at port terminals.

• CIF Gulf corn barges loaded in November were bid 4 cents higher at 78 cents over CBOT December CZ25 corn futures.

• FOB export premiums for December corn shipments were 4 cents higher at around 100 cents over futures.