RI enters soybean market

RI enters soybean market

CHICAGO (Reuters): Indonesia is thought to be seeking between 60,000 and 150,000 tons of soybeans later this week, which would likely be U.S. origin, U.S. exporters said.

Details of the tender were sketchy, but U.S. exporters said Indonesia would tender for the soybeans on Thursday.

Amounts also varied. One U.S. soybean exporter said Indonesia was seeking 60,000 tons of U.S. no. 1 soybeans for August shipment while a second exporter said he believed the tender was for 120,000 tons.

"It's three cargoes, 60,000, 30,000, 30,000 (tons)," the second exporter said. "Since they are asking for no. 1 (soybeans), we are guessing it has to be from the U.S.".

Yet a third exporter said he believed the amount was for 150,000 tonnes slated for August and September shipment.

Indonesia has already bought $65.3 million of U.S. oilseeds under the GSM-102 program in fiscal 1998.