The United States and China agreed to extend by two months a trade truce that was due to expire on Nov. 10, allowing more time to work on a potentially bigger trade deal, US Treasury Secretary Scott Bessent said on Wednesday.
Bessent said Beijing was meeting its requirement to buy 25 million tons of soybeans but was lagging on its pledge to buy $17 billion in other agricultural goods.
At the Gulf, CIF soybean barges loaded in September were bid steady at 78 cents over Chicago Board of Trade November soybean SX26 futures, and bids for October soy barges held steady at 90 cents over futures.
FOB export premiums for Gulf soybean shipments in October were lower, offered at roughly 108 cents over November futures, down 16 cents from last week.
CIF Gulf corn barges loaded in September were bid at about 60 cents over CBOT December futures and offered around 71 cents over futures.
FOB export premiums for Gulf corn vessels loaded in the first half of October were weaker, offered at about 97 cents over December futures, down 9 cents from last week.
Ahead of a weekly export sales report on Thursday from the US Department of Agriculture, traders expected the agency to report net soybean sales in the week ended Sept. 17 at 1.5 million to 2.0 million metric tons, and net corn sales of 800,000 to 1.4 million tons.
Gulf soybean bids steady as harvest supplies build
CHICAGO, Sept. 23 (Reuters) - Basis bids for soybeans shipped by barge to the US Gulf Coast held steady on Wednesday, while export premiums declined as a rapidly advancing harvest in the southern US crop belt boosted fresh supplies available to Gulf exporters.
Market participants also remained focused on developments from the US-China summit this week for clues on export demand prospects.
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