Basis bids for soybeans shipped by barge to U.S. Gulf Coast terminals rose on Friday, traders said, as hopes increased for demand from top-importer China.

Corn bids also firmed.

Rumors that China was inquiring about U.S. soybeans supported Chicago Board of Trade futures prices, generating hope that China could end months of avoiding U.S. supplies amid a trade war with Washington.

There was no clear evidence of any purchases.

China has been buying soybeans from Brazil, the world’s biggest exporter of the oilseed, and has not yet made confirmed purchases of U.S. soy from the upcoming harvest in an unusual delay.

China may need to turn to the U.S. for some supplies for October, November or December, a trader said.

Shippers have recently been cautious about the U.S.-China trade dispute while their capacity has been filling up with demand from other importers that are less traditional buyers, another trader said.

CIF Gulf soybean barges loaded in August were bid at 49 cents over Chicago Board of Trade November (SX25) futures, up 4 cents. Bids also firmed on Thursday.

FOB export premiums for soybeans shipped from the Gulf in the first half of September were about 90 cents over November (SX25) futures. Premiums rose for October and November shipments.

For corn, U.S. export demand remains robust.

Exporters sold 119,769 metric tons of U.S. corn to Costa Rica and 140,452 metric tons of U.S. corn to Spain, all for delivery in the 2025-26 marketing year, the U.S. Department of Agriculture said.

CIF Gulf corn barges loaded in August were bid at about 84 cents over CBOT September (CU25) futures, up 4 cents.

FOB export premiums for corn shipped from the Gulf in September were around 132 cents over September futures.
Source: Reuters