FOB Gulf Grain-Corn premiums mostly flat following price surge

Jan 13 (Reuters) - Corn export premiums at the U.S. Gulf
Coast held mostly steady on Monday as traders assessed the
market after the Agriculture Department on Friday projected
tighter-than-expected inventories.
    * Corn futures extended gains after the U.S. Department of
Agriculture sparked a surge on Friday when it unexpectedly cut
U.S. corn production and lowered stocks forecasts.
    * Buyers were waiting to strike deals until they see whether
the market extends a recent downtrend fueled by the record-large
U.S. corn harvest, a trader said. They are "waiting to see if
they should be more confident pursuing a long-term bullish agenda," he said. * Traders are already well covered for nearby purchases, an exporter noted. * Export premiums for corn, soybeans and SRW wheat were ill-defined for January shipments from the U.S. Gulf as loading capacity was sold out. Some export elevators were also not quoting February shipments because they had no available capacity, traders said. * The USDA said U.S. export inspections were 59.381 million bushels for soybeans, beating forecasts for 45 million to 50 million, and 25.19 million for wheat, above estimates for 13 million to 18 million. Corn export inspections of 20.902 million bushels were below expectations for 22 million to 27 million. * The USDA separately said that private exporters reported the sale of 140,000 tonnes of U.S. soybeans to unknown destinations. * Egypt, the world's biggest importer of wheat, bought 55,000 tonnes of soft red winter wheat from the United States for shipment in Feb 11-20, the main government wheat buying entity said on Saturday. * Uncertainty lingered about U.S. corn exports to China following recent rejections of shipments containing a genetically modified variety not yet approved by China's government. * Beijing's renewal of expired import certificates of several biotech corn strains last week was an encouraging sign
that the United States and China will soon resolve the import dispute, U.S. Agriculture Secretary Tom Vilsack said. (Reporting by Tom Polansek in Chicago)

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