Asian corn stock falling

Asian corn stock falling

SINGAPORE (Reuters): Argentine corn may have a chance to head for Southeast Asia, where corn stocks seem to be falling, traders said yesterday.

"We heard the current corn harvest in Indonesia is not very good. Indonesia has stopped exporting and it doesn't look like it will export soon," said one Singapore-based trader.

Corn stocks have started to fall in Malaysia because of the lack of supplies from Indonesia and traders said they expected imports from Indonesia to resume only in August.

"At the same time, China is slowing down corn exports to supply its domestic market. There is a chance for Argentine corn to come in," the trader said.

Another trader said he expected more activity next week and said Argentine supplies, which are a few dollars per tonne cheaper than U.S. corn, could be attractive.