Indonesia looking for 15,000 tons of corn<\/p>\n
SINGAPORE (Reuter): Indonesia is looking at buying up to
\n15,000 tons of corn for May\/June delivery, but its buyers are
\nshying away because prices remain a shade too high, regional
\ntraders said yesterday.<\/p>\n
Malaysia will be looking to buy at least 90,000 tons of corn
\nfor the May\/July period and Thailand may also be in the market
\nfor 50,000 tons of corn, possibly from Argentina, the traders
\nsaid.<\/p>\n
"From May to July, the Malaysians are looking at getting
\n30,000 tons of corn for each month. They're looking, but the
\nproblem is the price," a dealer for U.S. commodity house told
\nReuters.<\/p>\n
The likely origin of the corn will be either Argentina or
\nChina. U.S. corn has priced itself out of the picture, dealers
\nsaid.<\/p>\n
Chinese corn coming into Southeast Asia was quoted by the
\ntrade at around US$150-$153 a ton C&F for May\/June shipment on
\nboard a Panamax or a Handy. Argentinean corn was seen at the same
\nlevel on a Panamax, the dealers said.<\/p>\n
U.S. corn going into the region, however, was seen by the
\ntrade at $157-$158 a ton C&F on a Panamax.<\/p>\n
"U.S. corn is just not competitive at these levels," a trading
\nhouse dealer in Singapore said.<\/p>\n
Traders said Malaysian buyers would want a price of around
\n$148-$149 a ton C&F.<\/p>\n
"The Malaysians are already covered on the nearbys so they're
\nsniffing around for some forward stuff," one dealer said. "They
\nmay also go for a combination cargo of soybeans and corn."<\/p>\n
Indonesian buyers may also be in the market for corn and will
\nprobably buy if the domestic price continues to rise, traders
\nsaid.<\/p>\n
The price of corn was quoted by Indonesian dealers on
\nWednesday at Rp 410-415 a kg, up from last week's quote of Rp
\n400-410.<\/p>\n
"If the local corn price goes up further, the Indonesians will
\ncome in and buy," one dealer said.<\/p>\n
Another trader added: "I heard the Indonesians may need at
\nleast one Handy for 10,000 to 15,000 tons of corn for May
\nshipment."<\/p>\n
The Indonesians are looking for a price just a shade below
\n$150 a ton C&F, dealers said. Buyers there are seen tapping
\nArgentine or Chinese origins.<\/p>\n
Regional business was slow except for the recent purchase by
\nThailand of 24,000 tons of U.S. wheat and the 55,000 tons of
\nCanadian and U.S. wheat bought by flour companies in the
\nPhilippines.<\/p>\n
Thailand also recently bought 50,000 tons of Argentinean corn
\nfor prompt shipment while Malaysian buyers picked up 30,000 tons
\nof mostly Chinese corn.<\/p>\n
The soymeal and soybeans business in the region remained quiet
\nwith the high prices of Chicago futures keeping buyers glued to
\nthe sidelines.<\/p>\n
"(Soy)beans is pretty dead for the moment," a U.S. trader
\nsaid. "Chicago went up so everybody stayed out."<\/p>\n
Traders said U.S. soybeans going into the region fetched a
\nquote of $350-$353 a ton C&F on a Panamax for May\/June shipment
\nagainst $343-$345 a ton C&F on the same basis last week.<\/p>\n
Indonesians who have open positions for up to 100,000 tons of
\nsoymeal for May\/July are sitting on the sidelines because they
\nare in no hurry to come in with prices so high, dealers said.<\/p>",
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