FOB Gulf Grain-Wheat steady to firm as futures fall

CHICAGO, June 10 (Reuters) – U.S. FOB Gulf winter wheat basis offers were steady to firm after futures closed lower on Tuesday and on concerns about harvest quality and availability amid recent cold, rainy weather in the eastern Midwest, traders said.

* Soybean offers were also steady to firm while corn values were steady with some weakness in new-crop offers.

* SRW wheat values for July were 3 cents higher at 63 cents over CBOT July futures, which closed down 11-1/4 cents at $6.01-1/4 a bushel on Tuesday. Futures traders cited expectations for bigger U.S. wheat stocks in Wednesday’s USDA crop report. But traders said this week’s cold, rainy weather for maturing SRW wheat in the Delta and Ohio River Valley prompted the firmer basis.

* SRW flat prices at around $249 a tonne at the Gulf are $15 under French wheat for July loadings, exporters said.

* HRW July quotes were unchanged at 145 cents over KCBT July futures, which closed down 7-3/4 cents at $7.26.

* Harvest is 30 percent complete in Texas and 26 percent in Oklahoma but overall winter wheat harvest at 9 percent, lags the seasonal average.

* FOB Gulf soybeans basis were generally unchanged except for a firmer tone for early harvested beans, with last half September up 5 cents from Monday at 155 over CBOT November futures. Interest in October/November/December continued to be steady. U.S. old-crop beans for June/July remained almost $50 a tonne above new-crop Argentine beans as the world market focus remains on South American availability and logistics.

* July FOB soybeans values were 85 cents over CBOT July soy which closed up 5-1/2 cents at $14.62-1/2 on Tuesday.

* FOB corn offers were steady to lower with the greatest weakness seen in new-crop loadings as yield prospects continue to improve with this week’s rains.

* July corn offers fell 2 cents to 85 over July futures, putting that slot on par with August and September. New-crop October/November loadings were marked down 3 cents at 92 over futures. CBOT July corn closed 5-1/2 cents lower at $4.45-1/2.

* Exporters said South American corn was eroding U.S. corn demand for July and August loadings, with Argentine $208 a tonne cheaper. (Reporting by Christine Stebbins)

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