FOB Gulf Grain-Soybean offers continue higher, good demand

CHICAGO, Oct 15 (Reuters) – U.S. FOB Gulf soybean basis offers were 4 cents to 6 cents a bushel higher for November through February loadings on continued good demand and the sell-off in futures as Wall Street stocks plunged on world economic concerns, traders said late on Wednesday.

* FOB corn and wheat offers were mostly steady amid lower futures although Q1 offers for SRW wheat dropped 5 cents as traders tried to uncover fresh demand.

* FOB October soybeans offers were unchanged at 175 cents over CBOT November futures but loadings for November were up 5 cents at 160 cents over Nov futures and December was up 6 cents at 154 cents over January futures.

* CBOT November soybeans ended down 12-1/4 cents at $9.52-1/2, with futures traders noting the panic selling on Wall Street that took stocks down 400 points during the afternoon.

* China’s demand for soybeans dominates the market, especially with crushing margins improving. U.S. soybeans are now beating Brazilian and Argentine beans on a flat price basis with less than half of harvest done.

* U.S. values for corn and wheat remain at a premium to other origins given abundant world supplies this year. But U.S. FOB basis continues to be held up by high U.S. freight costs and tight logistics, given the mammoth corn and bean lineup at the Gulf.

* Four-year lows in U.S. crop prices keep farmer movement slow.

* FOB corn offers for Oct/Nov were steady at 125 cents over CBOT December futures. Dec/Jan offers were also unchanged at 120/105 cents over futures.

* CBOT December corn closed 9-1/2 cents lower at $3.47-1/2.

* U.S. SRW offers for Oct/Nov/Dec at the Gulf stayed steady at 180/185/175 cents over CBOT December futures but Q1 offers were all marked 5 cents lower at 160 cents over CBOT March futures.

* CBOT December wheat closed down 3-1/4 cents at $5.06. But KCBT December wheat rose 1-3/4 cent to $5.92.

* HRW FOB values stayed steady. Offers for O/N/D held at 210 cents over and November/December were quoted at 205 cents over KCBT December futures. (Reporting by Christine Stebbins; editing by Gunna Dickson)

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