Thai grains trade quiet, Indonesia buys Thai corn
Thai grains trade quiet, Indonesia buys Thai corn
BANGKOK (Reuters): The Jakarta-based CP feedmill has bought
around 12,000 tonnes of Thai corn, traders said on Tuesday, and
the market is waiting to see if the Thai government agrees to a
request from feedmills to allow more soybean imports.
"Indonesia's CP feedmill has recently bought corn from
Thailand's CP feedmill at undisclosed prices for prompt
shipment," said a trader at a major trading firm.
Both feedmills are owned by Thailand's largest agricultural
conglomerate, Charoen Pokphand (CP).
A distressed 35,000-ton Argentine corn cargo is likely to head
to Malaysia after being refused entry to Indonesia and Taiwan
because of foot-and-mouth fears, traders told Reuters.
"From the beginning, the cargo aimed to go to Taiwan after
being rejected from Indonesia, but Taiwan denied them. Now it is
likely to head to Malaysia, instead," said a trader.
Jakarta-based CP feedmill had also originally bought that
corn, according to traders.
The Indonesian feedmill is expected to keep buying corn from
China and Thailand in coming weeks in order to meet demand after
most of the corn it bought from Argentina was been banned from
entering Indonesia, traders said.
Indonesia banned the import of soymeal and corn from South
America over fears of foot-and-mouth.
Thai corn exports have slowed with no new deals heard aside
from the CP sale, corn traders said.
Indonesia has recently bought 30,000 tonnes of Chinese corn at
around $112 per ton C&F for June shipment, traders said.
In the Thai market, local corn prices were quoted steady at
around 4.40 baht per kg due to weak demand from exporters.
This week, Thailand's grains trade is expected to remain quiet
due to high international prices of soymeal, as most buyers have
covered their positions through to June shipment.
Argentine high protein soymeal was quoted at around $218 per
ton C&F, higher than last week's $212-$213.
Argentine low protein soymeal was quoted at $201 compared with
last week's $194-$195.
Brazilian high-protein soymeal was quoted at around $224-$225
versus $218 quoted last week.