US Gulf soybean bids mixed, offers weaker
DBA•US Gulf soybean barge bids were mixed as the ongoing southern US harvest added supplies for exporters. September CIF soybean bids rose to 87 cents over November futures and October bids to 96 cents over futures, while December and February bids fell.
1. Soybean bids diverge
Basis bids for soybeans shipped by barge to the US Gulf Coast were mixed on Thursday as the ongoing harvest in the southern US crop belt added to supplies available to exporters. September CIF bids rose to 87 cents over Chicago Board of Trade November soybean futures, and October bids firmed to 96 cents over futures; bids for December and February barges dropped.
2. Trade deal hopes
Chicago soybean and grain futures fell as traders awaited a US-China summit and hoped for announcements on purchases of US crops or removal of China’s 10% tariff on US soybeans. US Treasury Secretary Scott Bessent said after talks with Chinese Vice Premier He Lifeng that they had agreed to extend until January 10 an agreement pausing a trade war in which mutual tariffs topped 100%.
3. Corn bids steady or weaker
CIF Gulf corn basis bids were steady or weaker. September barges were bid 45 cents over CBOT December futures and offered around 50 cents over futures.
