July 16, 2012 / 10:09 PM / 5 years ago

FOB Gulf Grain-Soy premiums steady-firm, spot corn offers slip

July 16 (Reuters) - Soybean export premiums at the U.S. Gulf
Coast were steady to higher on Monday, supported by tight
supplies and firm freight rates for shipping grain by barge to
export terminals, traders said.
    * CIF basis bids for soybeans shipped to the Gulf rose by 5
cents a bushel in nearby positions even as futures surged by
2-1/2 percent, driving up costs for exporters. Deferred values
underpinned by fears of drought-reduced production.
    * Higher South American soybean prices also underpinned U.S.
values, traders said.
    * Brazilian soybean export premiums were steady to up 5
cents a bushel on Monday after surging last week amid tight
stocks following a drought-shortened crop. 
    * Traders said Brazilian exports essentially sold out until
the new crop is harvested next spring. Spot U.S. Gulf prices
were nearly $40 per tonne cheaper than Brazilian offers at
Paranagua on a FOB basis.
    * Some Chinese import demand noted for new-crop South
American shipments. But demand for U.S. soybeans was quiet amid
lofty basis and strong futures.
    * Brazilian soy producers forward-selling a
larger-than-normal share of their 2012/13 crop which will be
harvested next spring, encouraged by near-record-high prices and
a weak Brazilian currency, analysts Celeres said.
    * U.S. corn export premiums at the Gulf Coast were weak on
Monday, pressured by dull export demand and lower CIF barge
basis values.
    * Brazilian corn available at considerably lower prices
following a record-large harvest in the South American country.
    * Argentina to approve exports of 15 million tonnes of
2012/13 corn. 
    * U.S. Gulf wheat export premiums were unchanged amid quiet
demand following the recent surge in prices. Russian wheat
export prices at all-time highs, European wheat futures prices
hit contract highs on Monday and benchmark U.S. futures hit a
1-1/2 year peak.
    * Tender by Jordan for 100,000 tonnes million wheat closes
on Tuesday. 
    * USDA said private exporters reported sales of 107,214
tonnes U.S. wheat to Japan for 2012/13 delivery. 
    To check displays of FOB basis, click on following:
    U.S. FOB Gulf corn 
    U.S. FOB Gulf soybeans 
    U.S. FOB Gulf SRW wheat 
    U.S. FOB Gulf HRW wheat 
    * FOB U.S. Gulf Grain                   
    * U.S. grain export summary             
    * Brazil soybean export prices          
    * Brazil corn export prices             
    * Argentine grain prices                
    * Russian grain prices                  

 (Reporting by Karl Plume in Chicago; Editing by Andrew Hay)

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