THAI feed millers bought 40,000 tonnes of South American soymeal for August shipment, while Vietnamese grain processors took 12,000 tonnes of Indian corn, even as most Asian buyers remained on the sidelines, expecting prices to decline further.
South American soymeal was traded at around $525 to $530 a tonne, including cost and freight (C&F), while Indian corn was sold between $230 and $240 a tonne for shipment in June and July, traders said.
Asian grain importers are making hand-to-mouth purchases, hoping for lower prices with wheat from the Black Sea region likely to enter the market and estimates of near-record corn supplies from the United States.
"Millers are waiting and watching as Black Sea wheat supply is expected in the next few months and everyone is looking at a big corn crop out of the United States," said one Singapore-based trader.
Wheat and corn prices eased this week in Asia's cash market, tracking losses in the benchmark US futures.
India aggressively sold corn into Southeast Asia in containers, even though there was not much demand for bulk shipments.
"For Malaysia and Indonesia corn supplies are coming from India, but it's mainly in containers," said another Singapore trader.
"India is active with Bihar crop coming into the market, which is much cheaper than the South American cargoes," he said, referring to supplies from the eastern Indian state.Reuters
Saturday, June 2, 2012
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