CIF/FOB Gulf Grain-Corn basis bids creep up, soy bids stay flat

CHICAGO, Feb 18 (Reuters) - Basis bids edged higher for corn shipped by barge to U.S. Gulf Coast terminals on Wednesday, while CIF soybean basis bids stayed largely steady, traders said.

• Export demand for U.S. corn has remained solid.

• Traders said they were waiting to see whether China begins inquiring about buying more U.S. soybeans after President Donald Trump said on February 4 that China was considering purchasing additional supplies.

• U.S. soybean futures set a three-month high on expectations of more Chinese purchases on Wednesday before the market pulled back.

• If China buys more U.S. soy, it may not be until after Trump is expected to meet Chinese President Xi Jinping in April, traders said.

• Chinese demand has been quiet so far this week, with many traders absent from the market due to the Lunar New Year holiday.

• In Brazil, the world's biggest soybean exporter, soy offers declined for deferred shipments, a trader said. This makes Brazilian soybeans look more attractive to global buyers.

• Recent rains brought relief to soybean fields in Brazil's southernmost state of Rio Grande do Sul, according to weather service Rural Clima and LSEG meteorological data.

• CIF Gulf soybean barges loaded in February and March stayed at 104 cents over Chicago Board of Trade March SH26 futures.

• FOB premiums for February and March soybean export loadings remained at about 130 cents over March futures.

• CIF corn barges loaded in February were bid at 103 cents over CBOT March CH26 corn futures, up 2 cents. March barges were 100 cents over futures, which was also up 2 cents.

• FOB corn export premiums for February were flat at about 127 cents over March futures, while March offers were steady 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