Indonesia and Malaysia pick up Chinese corn<\/p>\n
SINGAPORE (Reuter): Indonesia and Malaysia have bought around
\n50,000 tons of Chinese corn in the last week, and possibly more,
\nas the grains and oilseeds business picked up in the region,
\ntraders said yesterday.<\/p>\n
The Indonesians bought around 20,000 tons of Chinese corn,
\nwhile the Malaysians picked up 30,000 tons for shipment from
\nApril onwards, the dealers said.<\/p>\n
Buyers from both countries were given a slight discount and
\npaid about US$148-$150 a ton C&F compared with the prevailing
\nquotes for Chinese corn coming into Southeast Asia of around
\n$152-$154 a ton C&F for April shipment.<\/p>\n
\"I'm sure the Malaysians bought and the Indonesians were in
\nthere as well,\" a senior dealer for a European commodity house
\ntold Reuters.<\/p>\n
\"The deals were done,\" another dealer from a Singapore-based
\ncommodity company said.<\/p>\n
Chinese and Argentine corn has become very attractive for
\nSoutheast Asian buyers who are baulking at the current high
\nprices for U.S. corn, traders said.<\/p>\n
Argentine corn coming into the region is being quoted by
\ntraders here at around $151-$152 a ton C&F for April\/May
\ndelivery.<\/p>\n
Corn from both origins compares favorably with that of U.S.
\ncorn coming into the region, which is seen at about $157-$158 a
\nton C&F for April\/May shipment on a Panamax.<\/p>\n
\"I don't think U.S. corn is competitive during this period
\nhere,\" a trader for a U.S. commodity house said.<\/p>\n
Aside from the corn purchases, Malaysia and Thailand also
\nbought a Handy-sized cargo of wheat for prompt shipment, most
\nlikely from the United States, traders said.<\/p>\n
The price of the wheat purchased by the two countries was
\nclose to the price paid by two Philippine flour mills for 40,000
\ntons of U.S. wheat in the past week.<\/p>\n
Traders in Manila said the Philippines bought western white
\nwheat at around $157-$158 a ton FOB U.S. Pacific Northwest. They
\nalso bought dark northern spring wheat at $183-$187 a ton FOB on
\nthe same basis.<\/p>\n
The feed business in the region, however, was quiet.
\n\"There's no demand because the prices are too high,\" one dealer
\nfor a commodity trading house said.<\/p>\n
But one senior dealer said some countries are mulling putting
\non forward coverage for the May\/July period.<\/p>\n
Traders had previously said Indonesia would need about 100,000
\ntons of soymeal for May\/July while the Malaysians would need at
\nleast one Handy-sized meal shipment at about the same time.<\/p>\n
\"The problem really is the price. It's too high,\" a trader
\nsaid.<\/p>\n
U.S. soymeal coming into Southeast Asia was seen by dealers at
\n$333-$335 a ton C&F for May shipment on a Panamax against last
\nweek's $325-$335.<\/p>\n
Price quotes for Indian meal also rose and were indicated
\nbetween $321-$322 a ton C&F on a Tweendecker against $317-$318 a
\nton last week, the traders said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/indonesia-and-malaysia-pick-up-chinese-corn-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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