CIF/FOB Gulf Grain-Soy basis bounces from prior-day drop, corn bids steady-firm

CHICAGO, March 17 (Reuters) - Spot basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals rebounded on Tuesday from prior-day declines on a slowdown in farmer sales and renewed optimism about Chinese demand, traders said.

• U.S. President Donald Trump said a highly anticipated trip to China originally set for early April would take place in five or six weeks. Traders had been anticipating accelerated Chinese purchases of U.S. soybeans leading up to the talks. Concerns that the trip would be scrapped altogether had weighed on export basis values on Monday.

• A sharp drop in Chicago Board of Trade soybean futures on Monday halted farmer sales to barge-loading river elevators, tightening supplies available to exporters. Sales remained slow on Tuesday.

• U.S. soy export demand has been seasonally light as cheaper supplies of newly harvested beans were available from top supplier Brazil.

• CIF Gulf soybean barges loaded in March were bid 3 cents higher at 63 cents over Chicago Board of Trade May SK26 soybean futures. April soybean barges traded steady at 70 cents over futures.

• FOB export premiums for April soybean loadings were unchanged at 110 cents over futures.

• CIF corn basis bids were steady to higher on Tuesday, supported by firm demand from exporters and a slowdown in farmer sales. Easing barge freight rates limited basis gains.

• CIF Gulf corn barges loaded in March were bid 2 cents higher at 80 cents over CBOT May CK26 futures after trading as high as 83 cents over futures earlier in the day. April corn barge bids were a penny higher at 80 cents over futures.

• Corn export premiums for April loadings at the Gulf held steady at 100 cents over futures.