Jan 6 (Reuters) - Soybean export premiums at the U.S. Gulf
Coast were steady on Monday, underpinned by tight nearby loading
capacity and firm CIF barge basis values but capped by
expectations for a large South American harvest, traders said.
* Export loading capacity at Gulf elevators was effectively
sold out through the end of January and early February, which
kept nearby offers for soy, corn and wheat at a premium to
deferred shipments.
* Top soybean importer China has been focusing on booking
new-crop South American shipments instead of near-term shipments
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* U.S. exporters were focusing on loading previously sold
shipments ahead of South America's export season.
* Soybean export inspections last week totaled 54.446
million bushels, up from 43.738 million the previous week and
above trade forecasts for 38 million to 50 million. China was
the top destination with 43.897 million bushels inspected.
* Corn export premiums were mostly steady amid adequate
supplies and moderate demand.
* The U.S. Agriculture Department confirmed private sales of
110,600 tonnes of U.S. corn to Mexico for delivery in the
current marketing year.
* China's quality watchdog has turned away about 601,000
tonnes of U.S. corn and corn products due to an unapproved GMO
strain. Further rejections were likely.
* U.S. exporters continue to load corn shipments to China
despite the rejection risks. Several rejected cargoes have been
resold to China's neighbors.
* Export inspections of U.S. corn last week totaled 19,318
million bushels, with 5.471 million bushels of that destined for
China, USDA data showed. None of the corn bound for China was
from Gulf Coast terminals.
* Wheat export premiums at the Gulf were supported by thin
supplies in the export pipeline and costly rail freight to the
Texas Gulf.
* USDA on Monday confirmed private sales of 128,000 tonnes
of hard red winter wheat and 32,000 tonnes of soft red winter
wheat to unknown destinations for delivery in the 2014/15
marketing year.
(Reporting by Karl Plume in Chicago; Editing by Lisa Shumaker)
FOB Gulf Grain-Soy premiums level as South America harvest nears
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