CIF/FOB Gulf Grain-Soybean barge bids steady-higher ahead of US-China summit

CHICAGO, May 12 (Reuters) - Spot basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals were steady to higher on Tuesday as traders anticipated an increase in crop purchases around this week's summit between the United States and China.

• CIF corn basis bids were mostly steady to firmer.

• Traders are monitoring news about the upcoming summit between U.S. President Donald Trump and Chinese President Xi Jinping later this week. The United States and China may reach a farm deal at the meeting that could expand Beijing's purchases of U.S. agricultural goods, although traders were skeptical that soybean purchases would exceed volumes agreed in a deal last October.

• The U.S. Department of Agriculture lowered its 2025/26 U.S. soybean export outlook by 10 million bushels in a monthly report on Tuesday. The agency projected 2026/27 exports would be 100 million bushels larger than the previous season, but acknowledged a longer-term decline in global market share due to large South American supplies and strong domestic U.S. demand.

• Basis bids for soybean barges loaded in May rose 2 cents to 80 cents a bushel over Chicago Board of Trade July SN26 futures. June barge bids were unchanged at 83 cents over futures.

• New-crop soybean basis bids were steady to up 3 cents. October barges traded as high as 86 cents over November futures SX26 and November barges traded at 95 cents over futures, traders said.

• FOB export premiums for Gulf soybean vessels loaded in June held steady at around 99 cents over July SN26 soybean futures.

• CIF corn barges loaded in May were bid steady at 78 cents over CBOT July CN26 futures. June bids were a penny higher at 85 cents over futures.

• FOB export premiums for Gulf corn vessels loaded in June were down 4 cents at about 100 cents a bushel over July 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