RI, Malaysia buy 60,000t U.S. soybeans<\/p>\n
SINGAPORE (Reuter): Malaysia and Indonesia bought a combined
\ntotal of 60,000 tons of U.S. soybeans as the rest of Southeast
\nAsia's grain and oilseeds trade sat back to wait for the USDA
\ncrop report due today, traders said yesterday.<\/p>\n
\"There's been some sporadic buying going on, but everybody's
\nwaiting for the USDA crop report which will give people here
\nleads on their buying orders,\" a senior trader in a Western
\ncommodity house said.<\/p>\n
The soybeans bought by Malaysia and Indonesia are for
\nJanuary\/February shipment on Handy-sized vessels and were
\nreported to have been sold at around US$315-$325 a ton C&F,
\ntraders said.<\/p>\n
Thailand also recently concluded a deal for 10,000-12,000
\ntons of Indian soymeal\/groundnut meal at around $310-$312 a ton
\nC&F, for mid-November to mid-December shipment, one said. The
\nMalaysian soybean purchase came on top of the recent decision by
\nthe country's Federal Flour Mills Bhd to buy 25,000 tons of U.S.
\ncorn for November shipment at around $160 a ton C&F. A Malaysian
\ncompany is also negotiating on another 50,000 tons of U.S. corn,
\ntraders said.<\/p>\n
\"The negotiations are still going on,\" one dealer said.<\/p>\n
Singapore traders' estimates of expected near-term Malaysian
\nand Indonesian soymeal purchases ranged between 100,000 and
\n200,000 tons for possible shipment in early 1997.<\/p>\n
\"They're in for about 100,000 tons of soymeal each, but like
\neveryone else, they're holding back for the USDA report,\" the
\ndealer said.<\/p>\n
\"China is buying huge quantities of soymeal. Indonesia,
\nThailand and Malaysia have not covered yet and they've all got
\ntheir mouths open,\" another dealer said.<\/p>\n
Another dealer discounted the estimate of 200,000 tons as \"too
\nlarge\" and said it was more likely that both nations will buy
\nonly a combined total of 100,000 tons of soymeal.<\/p>\n
\"I think a combined shipment of 100,000 tons of soymeal is
\nmore probable,\" he said.<\/p>\n
Traders said most buyers are sitting it out in anticipation
\nthat the U.S. Agricultural Department (USDA) crop report will be
\nbearish for corn and soybeans.<\/p>\n
Analysts in the U.S. estimate that 1996 corn production will
\nreach 8.951 billion bushels, up from the USDA's September
\nforecast of 8.804 billion bushels. The forecast for the U.S. 1996
\nsoybean crop is 2.287 billion bushels against the USDA prediction
\nof 2.270 billion bushels in September.<\/p>\n
\"Some people are hoping prices may head lower after the
\nreport,\" one dealer said.<\/p>\n
\"It looks like corn will correct some more,\" another said.<\/p>\n
The price of U.S. corn in Southeast Asia remains steady at
\naround $155-$160 a ton C&F on a Panamax vessel for November-
\nDecember shipment, dealers said.<\/p>\n
U.S. meal is being quoted at around $300-$305 a ton C&F
\nSoutheast Asia on board a Panamax vessel against $307-$309 a
\nton C&F last week.<\/p>\n
Indian soymeal, on the other hand, is priced in Southeast Asia
\nat around $310-$314 a ton C&F for the same shipment period, down
\nfrom $316-$318 a ton C&F last week, traders said. \"Indian soymeal
\nhas come down between $10-$12 in the last couple of weeks on the
\nback of the decline in prices in the U.S., but I think they are
\ngoing to stay quite firm into the harvest,\" a trader said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ri-malaysia-buy-60000t-us-soybeans-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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