FOB Gulf Grain-Wheat basis stays strong, corn/soy firm

CHICAGO, June 25 (Reuters) – U.S. FOB Gulf wheat basis offers stayed strong late Wednesday led by soft red winter wheat as concerns about new-crop quality continued a scramble among merchandisers for newly harvested supplies, traders said.

* Corn and soybean basis values were steady to firm with old-crop logistics and tight supplies underpinning soybeans and export interest helping corn.

* SRW wheat basis offers were 10 to 15 cents a bushel higher across the board with July up 10 cents at 95 cents over CBOT July futures, August at 95 over CBOT September and September at 100 over CBOT September. CBOT July ended up 4-1/2 at $5.75-1/2.

* Concern about tight free supplies of No. 2 SRW wheat continued the week’s rally. CIF barge values were also strong and concerns about vomitoxin and other quality problems within eastern Midwest wheat crop were widespread.

* Last week’s boost in CME’s variable storage rates added to concerns that free supplies of SRW wheat may be tied up for the rest of the year as traders cashed in on the board’s spread.

* SRW FOB November was quoted 15 cents higher at 110 over CBOT December.

* HRW wheat FOB was quietly steady/firm with July offers at 155 cents over KCBT July futures and August 150 over September futures. September offers were marked higher at 155 over September futures. KC July ended 8-1/2 up at $7.14.

* Exporters were quoting SRW FOB wheat at the Gulf for August loadings at $246 a tonne.

* FOB corn offers were unchanged except July which was up 5 cents at 95 over CBOT July futures, which ended 2 down at $4.41.

* Exporters were quoting U.S. corn at $205.50 a tonne out of the Gulf for first half August compared to Argentine quotes of $204. New-crop U.S. corn out of Gulf was quoted $208.50.

* USDA on Wednesday reported a fresh sale of 217,400 tonnes of new-crop corn to unknown. Exporters also reported a sale of 116,000 tonnes of sorghum to unknown, with 58,000 tonnes of old-crop which was thought to be China. China has been a steady buyer of U.S. sorghum given Chinese regulations over GMO corn.

* FOB soybeans continued to firm based on domestic factors, including processor needs and fill in needs for old-crop export programs. U.S. FOB soybeans for July loadings were quoted about $554 out of the Gulf with Brazilian quotes about $535. New-crop November offers out of the Gulf were penciling out to about $493 a tonne with West Coast new crop some $25 higher.

* July soybeans at the Gulf on Wednesday night were offered at 98 cents over CBOT July, up 3 cents, with August – which will see some new-crop supplies trickle in – was unquoted.

* September soy offers were unchanged at 165 cents over CBOT November, with October offers 135 over futures, up 4 cents. CBOT November ended up 4-1/2 at $12.29. * Traders await USDA’s weekly export sales report on Thursday morning. Trade estimates in tonnes were: wheat 300,000-450,000 (2014/15); corn 150,000-300,000 (old crop), 200,000-300,000 (new crop); soybeans 50,000-150,000 (old crop); 200,000-400,000 (new crop). (Reporting by Christine Stebbins; Editing by Diane Craft)

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