Soybean sales to China pick up as Gulf barge basis holds steady to firmer

what happened

On Friday, basis bids for soybeans moved by barge from the Gulf Coast of the United States were flat to higher. Traders linked the firmer tone to a run of US soybean purchases by China earlier this week, TradingView reported.

The USDA confirmed sales of 558,000 metric tons of soybeans to China, lifting the confirmed total to China to 1.358 million tons over three days. The agency also announced 236,000 tons of soybeans for undisclosed buyers and 127,000 tons of US corn for Japan.

Farmers in the Midwest have been busy harvesting soybeans and corn, although late-week rain slowed work in some areas. Many are selling soybeans while holding back corn, which supports corn basis at the Gulf. In its weekly export report, the USDA put net corn sales for the week to October 8 at 1.122 million tons and net soybean sales at 574,900 tons.

why it matters

For grain markets, the report signals returning Chinese demand for US soybeans, which supports export premiums. For CBOT futures, harvest pace, weather and fresh sales volumes remain the key drivers. The story describes current conditions and contains no price forecast.

market impact

Soybeans and corn: Chinese demand supports Gulf basis and export premiums

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