CIF/FOB Gulf Grain — Corn barge bids firm as harvest pace favors soybeans

CHICAGO, Oct 13 (Reuters) — Basis bids for corn shipped by barge to the US Gulf Coast firmed on Tuesday, reflecting exporter needs as Midwest farmers focused on soybean harvesting during the last week. The US Department of Agriculture on Tuesday reported that the US soybean harvest was 46% complete by Sunday, up 21 percentage points from the prior week and above an average of analyst estimates. The corn harvest was 33% complete, the USDA's weekly progress report showed, up 10 percentage points from last week but below a range of analyst estimates. Rumors swirled among brokers that Chinese state buyers booked a couple of cargoes of US soybeans. Market participants have been monitoring for signs of fresh demand since China's Golden Week holidays concluded last week. CIF Gulf corn barges loaded in October were bid at 75 cents over CBOT December corn futures, up 6 cents from Monday, and November corn barges were bid at 86 cents over futures, up a penny. FOB export premiums for Gulf corn vessels loaded in November were offered at 102 cents over CBOT December futures, down 2 cents from Monday. For soybeans, CIF barges loaded in October were bid at 80 cents over CBOT November soybean futu