Premjee news unlikely to affect soymeal trade<\/p>\n
SINGAPORE (Reuters): Leading soymeal traders for the Southeast
\nAsian region said on Tuesday an interim judicial management faced
\nby G. Premjee Ltd.'s Singapore unit would not affect Asia trade
\nvolumes but could make buyers extra cautious.<\/p>\n
The judicial management faced by G. Premjee Trading Pte. Ltd.,
\na unit of one of Asia's oldest commodity trading firms, has come
\nat a time when the Indian soymeal marketing season is in full
\nswing and the U.S. soybean crop is being harvested.<\/p>\n
The Singapore firm has suspended all its trading in grains and
\nmeals following the judicial management, under which it is to
\nremain for 30 days starting from Oct. 11.<\/p>\n
\"I don't think these kind of developments can affect overall
\ntrading volumes in the region,\" a leading Singapore grains trader
\ntold Reuters.<\/p>\n
Another trader said: \"The only thing which can happen is that
\nit might make some grain buyers cautious while signing deals with
\nanybody or any trading firm.\"<\/p>\n
Traders said most Asian end-users of imported soymeal were
\ncurrently procuring their requirements hand-to-mouth, and
\ntherefore the issue should not be a major cause for concern.<\/p>\n
\"If you see the whole Southeast Asian soymeal market, not a
\nsingle end-user had signed up contracts for very huge volumes
\nwith any trading firm. So even if there is a problem like this,
\nit is not going to impact the market in a big way.\"<\/p>\n
Some Singapore traders said on Monday that G. Premjee's
\nposition was not much larger than 25,000 tons, including deals
\nwith South Korea, Vietnam and Indonesia.<\/p>\n
Premjee had already slashed its Indian soymeal business to
\naround 150,000 tons during the last campaign, down from around
\n400,000 tons the previous year, traders said.<\/p>\n
\"Trading in Indian soymeal is going on as usual in the
\nregion,\" said one Singapore grains trader. \"There has been a
\nslight slowdown in trading in the past few days but it is for
\ndifferent reasons.\"<\/p>\n
Southeast Asian traders said they were hoping Indian soymeal
\nprices, which had firmed up a bit recently, would fall when they
\ncan step up their buying. Indian soymeal is currently quoted at
\nabout $203\/204 a ton C&F Southeast Asia for Nov\/Dec shipment.<\/p>\n
Out of the new Indian soymeal business, South Korea had bought
\nmore than 100,000 tons, Indonesia seven cargoes of about 12,500
\ntons each, Philippines about 40,000 to 50,000 tons, Thailand
\nabout 12,500 tons and Vietnam about 24,000 tons.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/premjee-news-unlikely-to-affect-soymeal-trade-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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