CIF/FOB Gulf Grain-Soybean barge bids firm on China buying hopes, corn flat-lower

CHICAGO, Feb 12 (Reuters) - Basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals were firmer on Thursday on expectations that top importer China would increase U.S. purchases later in the season despite ample supplies available from Brazil, traders said.

• CIF corn basis bids were flat to lower on good supplies and solid export demand.

• China confirmed a meeting between President Xi Jinping and U.S. President Donald Trump in early April, prompting speculation that Chinese state-owned importers would increase U.S. soy purchases. Trump last month said China committed to buying an additional 8 million metric tons this season after booking 12 million tons since October.

• Soybean export sales have seasonally slowed as the harvest in rival exporter Brazil is ramping up. Brazilian soybeans are offered at price much lower than U.S. soybeans.

• The U.S. Department of Agriculture said net U.S. soybean export sales in the week ended February 5 fell to 283,098 metric tons, below trade estimates and the lowest since early June.

• But the USDA on Thursday reported an additional 105,000 tons of U.S. soybeans were sold to Egypt.

• Net U.S. corn export sales in the week ended February 5 topped trade expectations at 2,129,632 tons, a three-week high, USDA data showed.

• CIF Gulf soybean barges loaded in February and March were bid a penny higher at 102 cents over CBOT March SH26 futures. Bids for springtime loadings were up 2 cents.

• FOB premiums for February and March soybean export loadings were unchanged at around 130 cents over March futures.

• CIF corn barges loaded in February were bid steady at 100 cents over CBOT March CH26 corn futures. March barges were 97 cents over futures, also unchanged.

• FOB corn export premiums held steady at around 127 cents over March futures, while March offers were unchanged at around 125 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