CIF/FOB Gulf Grain-Spot soybean basis lower, deferred bids firm
Oct 29 (Reuters) -Spot basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals declined for a second day on Tuesday in a pullback from two-year highs posted last week as freight costs eased, traders said.
* CIF soybean bids in deferred months through early 2025 were mostly firmer on good demand from exporters.
* Chinese demand for U.S. soybeans was limited mostly to December and January shipments, traders said. Buyers there have been avoiding purchases beyond that due to uncertainty about trade tariffs ahead of the U.S. presidential election.
* Spot barge freight rates fell by 25 percentage points of tariff at St. Louis and by 50 points in the Illinois River. BG/US
* CIF October soybean barges traded at 123 cents over Chicago Board of Trade November SX24 futures before bids fell to 115 cents over futures, down from bids around 130 cents over on Monday.
* Nearby export premiums remained elevated due to tight loading capacity at the Gulf.
* Soybean FOB offers held at 155 cents over futures for shipment in the first half of November and 150 cents over futures for last half shipment.
* CIF corn basis bids were lower on Tuesday on easing freight costs and a pause in demand.
* CIF October corn barge bids fell 7 cents to 91 cents over CBOT December corn CZ24 futures.
* FOB Gulf offers for November corn shipments were held at 125 cents over futures.
Reporting by Karl Plume; Editing by Maju Samuel
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
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