FOB Gulf Grain-Soy, corn, wheat basis holds as futures bounce

CHICAGO, Aug 14 (Reuters) – U.S. FOB Gulf soybean, corn and wheat basis offers were steady late Thursday after the bounce in futures, traders said.

* Expectations that a record large corn and soybean crop will move to export terminals as well as domestic markets this fall keeps freight costs high – a supportive factor for all basis markets, traders said.

* Steady interest in U.S. soybeans by China was confirmed in USDA’s weekly export sales report issued early Thursday. New-crop sales of 1.08 million tonnes were bigger than traders expected, with nearly 60 percent – 640,000 tonnes – booked by China.

* FOB soybean offers for September held steady at high levels – 240 cents over CBOT November futures due to a tight soybean availability for the nearby slot. October and November offers were 180 and 165 cents over November futures – both unchanged from Wednesday afternoon.

* Nearby Gulf CIF soybean values were up late Thursday as traders adjusted spots bids after CBOT August futures went off the board at a big inverse to November.

* CBOT November futures ended 9-1/4 cents up at $10.56 a bushel.

* FOB Gulf September corn was unchanged at 135 cents over CBOT September futures, which ended up 4 cents at $3.62. O/N/D corn offers were also steady at 136 cents over December futures.

* U.S. corn is competitive with Brazil near $190 per tonne for September shipments while Argentina and Black Sea corn was $5-$10 per tonne cheaper, traders said.

* USDA said new-crop weekly corn sales were 787,800 tonnes – larger than expected – but old-crop net sales were a negative 117,100 tonnes, which included 322,500 tonnes canceled by unknown.

* FOB Gulf HRW and SRW wheat values at the Gulf were unchanged with inquiries light, trader said.

* HRW wheat basis offers for August held at 160 cents over KCBT September futures and September was 165 cents over KCBT September. O/N/D slots were also steady offered at 185 cents over December futures. KCBT September wheat closed 4 cents up $6.08 per bushel.

* FOB Gulf soft red wheat for August was 130 cents over CBOT September futures and September was 135 cents over futures – both steady with Wednesday. October was quoted at 150 cents over CBOT December futures and Nov/Dec loadings were 175 cents over futures – all unchanged.

* CBOT September wheat closed 9-1/4 cents up at $5.37-1/4.

* Wheat export sales for the week ended Aug. 7 of 338,700 tonnes were disappointing and included a cancellation of HRW 90,900 tonnes to Panama. Most of the sales, or 129,700 tonnes, were soft red winter.

* CCC said late Thursday it was seeking 50,000 tonnes of sorghum for Sept. 10-20 shipment.

(Reporting by Christine Stebbins; Editing by Bernard Orr)

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