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FOB Gulf Grain-Corn premiums climb on firmer CIF basis
June 5, 2012 / 9:53 PM / in 5 years

FOB Gulf Grain-Corn premiums climb on firmer CIF basis

 June 5 (Reuters) - Corn export premiums at the U.S. Gulf
Coast rose on Tuesday in tandem with a firmer CIF barge basis as
tight supplies of old-crop corn and lower futures prices
supported values, traders said.	
 * Export interest for U.S. Gulf corn remained mostly slow as
lower prices in South America undercut demand. Brazilian corn
offered at $20 to $30 per tonne FOB discount to U.S.	
 * Brazil's government raised its corn crop estimate to a
record 67.79 million tonnes after a huge jump in seeding of the
winter crop, which will be harvested in coming weeks.
 Traders said exports could begin in late July.	
 * FOB corn basis offers at the Gulf rose to 85 cents a
bushel over Chicago Board of Trade July futures, up about
5 cents from the previous day, traders said.	
 * CIF basis bids for first-half June corn barges at the Gulf
were 80 over, up 4 cents on the day. Last-half June corn barges
traded as high as 80 over and rebid at 81 over, up 5 cents from
Monday, traders said.	
 * Argentine farmers called a one-week freeze on grain sales
to protest agricultural policy. The strike
caused some delays to grain loadings, traders said.	
 * Soybean export premiums at the Gulf mostly held steady,
with poor near-term crush margins at Chinese processors limiting
demand for spot shipments.	
 * Analysts Oil World said U.S. soybean exports in the first
half of the 2012/13 marketing year would reach 33.5 million
tonnes, up 39 percent from the prior year, due to lower South
American supplies. 	
 * Brazil's government trimmed its soy crop outlook due to
drought, but the 66.37-million-tonne view remained above the
USDA's 65 million. 	
 * Wheat export premiums were quietly steady.	
 	
 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 	
 	
 LINKS 	
 * 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 Dale Hudson)	
 	
 

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