FOB Gulf Grain-Offers steady as importers stay cautious on deals

CHICAGO, July 14 (Reuters) – U.S. FOB Gulf corn and soybean basis offers were mostly steady on Monday, with importers cautious about committing to fresh sales after a violent move in prices, traders said.

* Importers were reluctant to be too aggressive in booking purchases after grain futures touched their lowest levels in years on Friday, traders said. Prices recovered a bit on Monday due to bargain buying and short covering.

* The U.S. Department of Agriculture sparked Friday’s sell-off by increasing its U.S. ending stocks estimates for old- and new-crop soybeans, corn and wheat.

* The decline has made U.S. soft red winter wheat more attractive to importers. However, the United States still faces stiff competition from the Black Sea on the world market, traders said.

* An importer in Lebanon purchased about 7,000 tonnes of Black Sea-origin milling wheat, while importers in Indonesia purchased an unknown volume of Black Sea wheat, traders said.

* Russian wheat prices declined last week as the harvest advanced.

* A group of Israeli private buyers has issued two international tenders to purchase up to 108,000 tonnes of corn and 50,000 tonnes of feed wheat all of optional origin, European traders said.

* Soybean offers for September were unchanged at 180 cents over September futures. October was quoted at 155 cents over November futures, down 5 cents from Friday.

* FOB Gulf corn was steady for August/September at 100 cents over September futures and October/November/December slots were steady at 105 cents over December futures.

* Wheat offers were slightly firmer. SRW August loadings were 95 over CBOT September futures and September was 100 cents over futures, each up 5 cents from Friday.

* Gulf HRW August was steady at 150 cents over KCBT September. Loadings for Oct/Nov/Dec were unchanged at 175 cents over KCBT December futures. (Reporting by Tom Polansek; Editing by Leslie Adler)

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