Soy basis bids firm as traders watch for export demand
Spot basis bids increased for soybeans shipped by barge to U.S. Gulf Coast terminals on Thursday in potential signs of export demand, traders said.
U.S. President Donald Trump said he hopes to raise the issue of soybeans with Chinese leader Xi Jinping during their upcoming meeting.
Trump warned the United States may have to halt a large share of imports it takes from China, the world's biggest soy buyer, if trade relations do not improve.
China has not bought soybeans from the autumn U.S. harvest during its trade war with Washington and has turned instead to South America for supplies.
Traders focused on U.S.-China trade relations as the U.S. government shutdown has suspended the release of export sales data and a monthly crop report that was due on Thursday.
CIF basis bids for October soybean barges rose a penny to 76 cents over Chicago Board of Trade November (SX25) futures. November barges were bid at 75 cents over futures, up 2 cents.
FOB export premiums for October-loaded soybeans stayed flat at about 78 cents over futures.
CIF corn basis bids for October barges stayed steady at about 80 cents over CBOT December (CZ25) futures. November barge loadings were also bid at 80 cents over December futures, which was unchanged.
FOB export premiums for October corn shipments were flat at about 97 cents over futures.
