CIF/FOB Gulf Grain-Soybean, corn barge bids drop as trade waits for further Chinese demand

CHICAGO, Nov 21 (Reuters) - Basis bids for soybeans and corn shipped by barge to the U.S. Gulf Coast were turned lower on Friday, and bids for spot loadings thinned, as traders waited for additional signs of Chinese export interest, traders said.

• Spot river freight costs were steady to lower on Thursday on sluggish spot demand, dealers said. Traders turned their focus to barge availability in December. BG/US

• The largest U.S. soybean sales to China in more than two years this week could be just the beginning of an accelerated buying program by Beijing after the world's top importer shunned U.S. supplies for months due to a trade war with Washington.

• U.S. farmers have been racing to sell their harvest this week, as Chinese purchases of U.S. supplies pushed prices to a 17-month high. But U.S. soybean futures edged lower on Friday, as traders began to questioning whether China would sustain such buying punctured the rally.

• CIF Gulf soybean barges loaded in last-half December traded at 82 cents a bushel over Chicago Board of Trade January SF26 futures, while barges loaded in January traded at 87 cents a bushel over futures.

• CIF Gulf soybean barges loaded in November had no bids or offers, an indication of lackluster spot demand, traders said. But the prices for later-month bids — which eased or remained steady — reflected ongoing market hopes that Chinese buyers would return to the U.S. soy market next week, brokers said.

• CIF Gulf soybean barges loaded in December were 3 cents lower, bid at 79 cents a bushel over Chicago Board of Trade January SF26 futures.

• FOB export premiums for soybeans loaded in December and January were steady, at around 107 cents over CBOT January SF26 futures.

• CIF Gulf corn barges loaded in November had no bid, in a sign of a lack of demand in the spot market, brokers said, but were offered at 79 cents a bushel over CBOT December CZ25 futures — up 2 cents from Thursday. December barge bids were down 1 cent at 83 cents a bushel over futures.

• FOB export premiums for December corn shipments firmed, up 5 cents at around 105 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