FOB Gulf Grain-Soybean basis offers rise, corn/wheat steady

CHICAGO, Aug 18 (Reuters) – U.S. FOB Gulf soybean basis offers firmed late on Monday as exporters pushed their bids to entice farmers to sell any remaining old-crop beans and book new-crop sales out of the South to help meet nearby commitments, traders said.

* FOB corn and wheat basis values were steady with exporters comfortable with letting lower futures uncover fresh business.

* Gulf September soybean offers rose 10 cents to 245 cents over CBOT November futures as exporters and processors scrambled to source nearby beans. October loadings were up 5 cents to 180 cents over November futures and November offers were also 5 cents higher at 165 cents over November futures. The rise in basis was on the back of higher futures, with CBOT November closing 5-3/4 cents up at $10.57-3/4 a bushel.

* Domestic soy processor bids rose as much as 20 cents since Friday, including Decatur, Illinois, which is now bidding 225 cents over November futures. And, China has been a steady buyer of new-crop soybeans, booking 10.4 million tonnes as of Aug. 7, according to USDA data.

* Weekly soybean export inspections were 56,210 tonnes, with 24,289 tonnes shipped out of the Gulf, the USDA said early Monday.

* Corn exporters reported fresh interest from Latin American countries, but generally world customers are eyeing cheaper Argentine and Black Sea origins. For early fall shipments U.S. corn is about $10 to $15 per tonne higher than Argentina and Black Sea.

* FOB corn for August and September loadings was unchanged at 135 cents over CBOT September futures and O/N/D offers held at 136 cents over December futures. Sep corn closed 5 cents lower at $3.60-3/4.

* The USDA said 970,874 tonnes of corn were inspected for export last week. While corn inspections remain light – 1,592 tonnes last week amid the trade dispute over an unapproved GMO trait found in U.S. shipments – China remains interested in sorghum with another 157,000 tonnes inspected last week.

* HRW wheat basis offers for August were nominally quoted, at 155 cents over KCBT September futures and September held at 160 cents over September futures. October was steady at 175 cents over KCBT December futures. KCBT September wheat ended 2 cents down at $6.17-3/4

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

* CBOT September wheat ended 8-3/4 cents lower at $5.42-1/2.

* USDA reported weekly wheat export inspections of 596,675, with 91,551 tonnes shipped out of the Gulf.

* The annual ProFarmer crop tour began on Monday with first day results released Monday evening. (Reporting by Christine Stebbins; Editing by Steve Orlofsky)

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