FOB Gulf Grain-Corn, soybean premiums hold as futures rally

Oct 13 (Reuters) – U.S. FOB soybean basis offers at the Gulf Coast were mostly steady on Monday as rains delayed the Midwest harvest and limited supplies entering the market, sending futures prices up more than 2 percent, traders said.

* Chinese soybean imports in September dropped more than 16 percent from the previous month, according to Chinese customs data. Poor crush margins could limit imports in the fourth quarter, China’s CNGOIC think tank said.

* Importers in China inquired about prices for November and December shipments from the United States and March shipments from Brazil after Dalian crush spreads firmed, trade sources said.

* FOB soybean October offers at the Gulf were 170 cents over Chicago Board of Trade November futures and November was 152 cents over CBOT November.

* Corn export premiums at the Gulf were unchanged in quiet trading as elevated U.S. prices limited demand from price-sensitive buyers. Futures prices rallied more than 3 percent on Monday on harvest delays.

* Spot U.S. corn prices at the Gulf Coast were around $10 per tonne above South American supplies on a FOB basis, a trader said.

* FOB corn offers for October and November were thinly quoted at 125 cents over CBOT December futures. December shipments were offered at 120 over CBOT December.

* South Korea’s FLC is seeking corn, feed wheat and soymeal in a tender closing on Tuesday.

* The U.S. Department of Agriculture did not issue its crop progress reports on Monday due to the Columbus Day holiday. The report will be issued on Tuesday afternoon and was expected to show the U.S. corn and soy harvests about one-third complete, according to trade estimates.

* Wheat export premiums held steady on quiet demand, with U.S. prices at a premium to supplies offered by rival exporters.

* Algeria bought about 600,000 tonnes of milling wheat late last week. The grain was expected to be sourced from several European countries.

* FOB Gulf SRW wheat for Oct/Nov/Dec held at 180/185/175 cents over CBOT December wheat. HRW wheat basis values for Oct/Nov/Dec were offered at 205/200/200 cents over KCBT December futures. (Reporting by Karl Plume in Chicago; Editing by Bernard Or)

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