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

CHICAGO, Oct 15 (Reuters) — Basis bids for corn shipped by barge to the US Gulf Coast firmed on Thursday, reflecting exporter demand for the grain at a time when Midwest farmers have been focused on harvesting and selling soybeans, traders said. Rains stalled fieldwork in portions of the Midwest on Thursday but forecasts called for drier weather after Friday. Fresh US soybean sales to China helped underpin Gulf soybean barge bids. Chinese state buyers bought 10 to 13 Panamax cargoes of US soybeans overnight, the second large-scale batch of purchases since US President Donald Trump met Chinese President Xi Jinping in September, three traders that participate in the market told Reuters. The USDA, under its daily reporting rules, confirmed sales of 330,000 metric tons of US soybeans to China and another 283,450 tons to unknown destinations. At the Gulf, CIF corn barges loaded in the first half of October were bid at 79 cents over Chicago Board of Trade December corn futures, up 3 cents from Wednesday, and last-half October loadings were bid at 84 cents over futures. FOB export premiums for Gulf corn vessels loaded in the first half of November were around 101 cents over CBOT December