Corn prices in ASEAN level due to paper stocks<\/p>\n
SINGAPORE (Reuter): Plentiful imports have recently kept
\ndomestic corn prices in Southeast Asia largely steady after weeks
\nof successive price increases, traders said.<\/p>\n
\"Buyers are well covered both in physical and paper (corn)
\nstocks,\" one Indonesian trader said. \"In my case, I have enough
\nstocks to last me until August without making fresh purchases.\"<\/p>\n
Traders said Indonesian corn prices were Rp 640-650\/kg in
\nJakarta this week, unchanged from a week ago. They said soymeal
\nprices were around Rp 680-690\/kg, up from Rp 660-680 last week.<\/p>\n
The traders estimated that 300,000 tons of U.S. corn are
\ncurrently being unloaded at the Jakarta and Surabaya ports.<\/p>\n
Vietnamese operators were also said to be offering corn at
\nUS$205 a ton FOB, but the quality of their product was unclear.<\/p>\n
One trader said buyers have been infuriated by sellers who
\nkeep hiking prices to get the best deals.<\/p>\n
\"Each time a person wants to buy at their quoted price, they
\nkeep raising the price,\" he said.<\/p>\n
\"Many players feel they have been played out by the sellers
\nbecause they kept raising the price each time they (buyers)
\nwanted to buy. Now many of the buyers are sidelined.\"<\/p>\n
In Thailand, domestic maize (corn) prices paid by feed
\nproducers averaged 5.850 baht a kg this week, the same as last
\nweek, as imported supplies are offsetting a tight local
\nsituation, traders said.<\/p>\n
Merchants are still holding back supplies and are waiting for
\nhigher prices, they added.<\/p>\n
\"This month and next month we have three shipments of imports
\nso they will offset the tight local supplies,\" one trader said.<\/p>\n
Soymeal prices slipped to 10.20-10.30 baht this week from
\n10.50 baht\/kg last week as imports eased the supply situation and
\nbuyers held off their purchases as prices were judged too high,
\ntrader said.<\/p>\n
\"The price is too high and the imports led to lower prices,\"
\none trader said.<\/p>\n
\"Demand is still firm but the problem is that some people are
\nholding off buying.\"<\/p>\n
In Malaysia, traders said corn price were expected to firm in
\nthe local market next week despite a slight consolidation and dip
\nthis week due to adequate stocks.<\/p>\n
\"The trend will still be upwards as demand is expected to
\nexceed supply,\" said an official at a feed mill.<\/p>\n
Corn was quoted at between 580-590 ringgit a ton in bulk ex-
\nfactory\/godown in the central region, industry sources said.<\/p>\n
\"A\" grade wheat in bags was priced at around 970 ringgit a
\nton and low grade wheat in bags at around 650-700 ringgit, both
\nex-factory\/godown central region.<\/p>\n
Imported soymeal in bags is fetching around 770 ringgit, a
\nton ex-factory\/godown central region, while local material in
\nbags is around 780 ringgit.<\/p>\n
Malaysian buyers were bullish in their outlook for wheat.<\/p>\n
\"Each time, we in the industry think the wheat price has hit
\nthe ceiling, it surprises us again,\" said a source at a flour
\nmill. \"There might be a consolidation in the longer term, but for
\nnow it still looks strong.\"<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/corn-prices-in-asean-level-due-to-paper-stocks-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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