CHICAGO, May 22 (Reuters) – FOB U.S. Gulf soybean basis offers were steady to softer on Thursday with the sharp rally in futures drawing out farmer sales of old and new-crop soy, traders said.
* Corn and wheat basis offers were steady amid quiet markets ahead of the long U.S. holiday weekend. Southern hemisphere corn and wheat are shifting demand away from the United States as new-crop supplies arrive.
* FOB soybean offers were supported by stronger-than-expected weekly USDA sales for both old-crop and renewed Chinese demand in new-crop. USDA said old-crop sales were 164,400 tonnes in the week ended May 15 and new-crop sales of 451,200 tonnes, included fresh bookings of 230,500 tonnes to China.
* Traders said Chinese inquiries continued strong for new crop as CBOT futures came off their highs late in the session. July soybeans closed 13-1/2 cents higher at $15.18-3/4 a bushel, after rallying more than 30 cents to a contract high. November futures ended 17-1/4 higher at $12.70-3/4.
* USDA on Thursday reported a fresh sale of 120,000 tonnes of 2014/15 soybeans to China.
* Futures retreated partly on active farmer sales as soybeans hit new contract highs, cash traders said. Even so, interior processor bids stayed mostly steady as they compete for remaining old-crop stocks. Meal exports were strong again on Thursday as well.
* FOB June soy offers were 95 cents over July futures and July offers were 90 over futures – both unchanged from Wednesday. October/November were down 2 cents to 114 cents over November futures.
* FOB corn basis offers stayed steady as nearby futures gained 2-1/4 cents. Weekly export sales for old-crop were 507,900 tonnes, 1 percent below from the four-week average. The tally included nearly 500,000 tonnes canceled sales as buyers begin to shift commitments to Argentina.
* FOB corn for June was unquoted and July loadings were steady at 85 over CBOT July futures.
* CBOT July corn closed 2-1/4 cents up at $4.76-3/4.
* China sold 988,000 tonnes of corn of the 1.0 million tonnes offered from reserves on Thursday, according to trade reports.
* FOB wheat basis values were steady as futures continued to slip as harvest begins in the southern states.
* Weekly export sales were disappointing with southern hemisphere suppliers in control of export markets. USDA reported wheat sales for old-crop of 142,200 tonnes, down 39 percent for the four-week average, and 209,800 for new-crop.
* SRW wheat net sales outpaced HRW sales last week, another telling comment on the soaring price of KCBT futures, traders said.
* FOB SRW wheat was offered at 70 over July futures for first half June and 68 over for last half. But nearby offers were thin given tight loading capacity at the Gulf. July offers were also unchanged at 60 over, reflecting new-crop supplies.
* HRW values were unchanged with some offers of 155 over KC futures for the last 10 days of May. June was offered at 148 over and July at 145 over futures.
* CBOT July closed 5 lower at $6.59-1/4 while KC July wheat fell 9-3/4 to $7.51-3/4. (Reporting by Christine Stebbins; Editing by David Gregorio)