FOB Gulf Grain-Corn, soy premiums steady in quiet trade

Dec 20 (Reuters) - Export premiums for corn, soybeans and
wheat at the U.S. Gulf Coast were mostly steady in quiet
dealings on Friday, with nearby basis offers supported by
limited available loading capacity for December and January
shipments, traders said.
    * Trading activity in grains markets was winding down ahead
of the year-end holidays. U.S. markets will be closed the next
two Wednesdays for Christmas and New Year's Day.
    * China's quarantine authority confirmed a total of 545,000
tonnes of U.S. corn has been rejected because shipments
contained the unapproved genetically modified variety MIR 162.
* Demand from other Asian importers was light as some were awaiting further China rejections, which they could possibly acquire at a discounted price, traders said. Several cargoes have already been resold to South Korea. * A U.S. trade delegation visiting China this week failed to strike a deal with China to allow the GMO variety. * The U.S. Department of Agriculture on Friday confirmed private sales of 180,000 tonnes of U.S. corn to Japan for 2014/15 delivery in what traders called a routine forward purchase by the world's top corn importer. * Soybean demand from top importer China was light on Friday after moderate purchases earlier in the week, traders said. * China is shifting its buying to new-crop South American cargoes, although early season export capacity in top soy supplier Brazil is very limited for February and March loadings, traders said. (Reporting by Karl Plume in Chicago; Editing by Lisa Shumaker)

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