CIF/FOB Gulf Grain — Soy, corn barge bids firm as China books US soybeans

CHICAGO, Oct 14 (Reuters) — Basis bids for soybeans shipped by barge to the US Gulf Coast strengthened on Wednesday after the US Department of Agriculture confirmed fresh US soy sales to China, the first such deals since the September summit between Presidents Donald Trump and Xi Jinping. The USDA confirmed private sales of 470,000 metric tons of soybeans for delivery to China. Three trade sources told Reuters that Chinese state buyers purchased 8 to 10 Panamax cargoes of US soybeans this week, or up to 650,000 tons, for shipment from December onwards. The market had been awaiting signs of renewed Chinese buying after a weeks-long hiatus. Meanwhile, Gulf corn bids also firmed, reflecting exporter demand as Midwest farmers focused on harvesting soybeans at an aggressive pace over the last week. Soybean yields in the Midwest have been very strong while corn yields have been "not as tremendous," a central Illinois merchandiser said. Farmers were generally delivering soybeans to grain elevators, including river facilities that feed the Gulf, the broker said, while storing corn. CIF Gulf soybean barges loaded in October were bid at 85 cents over CBOT November soybean futures, up 5 cents