FOB Gulf Grain-Corn premiums rise on thin old-crop stocks

June 8 (Reuters) - U.S. corn export premiums at the Gulf
Coast were higher on Friday as tight old-crop stocks and slow
farmer sales supported basis values, even as futures rallied,
traders said.
* Spot corn futures on the Chicago Board of Trade rose
more than 8 percent this week on historically tight old-crop
supplies and strong demand from domestic users. Domestic demand
prevented more corn from flowing to Gulf export terminals.
* Export demand for corn was minimal amid surging prices and
cheaper available supplies in South America. But offers from
exporters for nearby shipments of corn were thin as sourcing a
large volume of the grain was currently very difficult.
* U.S. Gulf FOB prices were $35 to $38 per tonne higher than
South American prices, according to Reuters data.
* South Korea's NOFI bought a cargo of U.S. corn in a tender
overnight, along with some corn from India, traders said. Other
regular corn importers like Japan and Mexico believed to still
need shipments of old-crop corn, but demand was muted on Friday.

SOYBEANS, WHEAT
* U.S. soybean export premiums at the Gulf Coast were steady
to firm on tight supplies and solid demand from top importer
China.
* USDA confirmed private sales of 60,000 tonnes old-crop
U.S. soybeans and 350,000 tonnes new-crop to China, along with
120,000 tonnes old-crop beans to Egypt. USDA also announced
285,000 tonnes in sales to China earlier this week.

* Traders said Chinese importers bought about 30 cargoes of
soybeans this week from all origins.
* Farmer strike in Argentina raising concern about delays to
export shipments as farmers have halted sales for a week.
* U.S. wheat export premiums at the Gulf were quietly steady
ahead of the weekend, with few international tenders
outstanding.
* An Iraqi tender for at least 50,000 tonnes wheat closes on
Tuesday. Traders said U.S. wheat has a strong
chance to trade in the tender amid competitive prices.
* Sanctions-hit Iran needs to buy some 2 million tonnes of
milling wheat in the next few months after some of the 3 million
tonnes it has already imported this year had to be diverted to
animal feed, a French grain exporters' lobby said.

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 Marguerita
Choy)