FOB Gulf Grain-Demand for new-crop U.S. soy keeps offers firm

CHICAGO, May 30 (Reuters) – U.S. FOB Gulf soybean basis offers remained firm after the close of trading on Friday due to robust demand for new-crop supplies, exporters said.

* Dealings were mostly quiet ahead of the weekend, traders said.

* U.S. soybean export sales last week were 881,400 tonnes, topping expectations for 400,000 to 800,000 tonnes, according to the Department of Agriculture.

* Weekly old-crop export sales were 60,400 tonnes, toward the high end of the range of trade estimates for -100,000 to 100,000 tonnes. Traders said weekly export sales reports need to show more cancellations to ease pressure on the U.S. balance sheet.

* Tight old-crop supplies and steady demand for new-crop soybeans from top importer China has helped support offers, exporters said.

* U.S. corn and wheat export sales last week were within expectations at 712,300 tonnes and 479,100 tonnes, respectively, according to the USDA.

* Nearby soybean basis offers were steady with June offered at 95 cents over July futures and July offered 90 cents over. Offers for new-crop October was unchanged at 116 cents over.

* FOB corn offers for July and August loadings were steady at 85 cents over CBOT July futures.

* Hard red winter wheat FOB offers for June were flat at 143 cents over Kansas City July futures. Soft red winter wheat offers also were steady at 70 cents over for the first half of June.

* Egypt, the world’s biggest wheat importer, has bought about 3.5 million tonnes of local wheat from farmers since the harvest began last month, the supplies minister said. The government wants to buy more of the local crop to cut its food imports bill. (Reporting by Tom Polansek, editing by G Crosse)

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