Receive daily email alerts, subscriber notes & personalize your experience.
Nonghyup Feed Inc. in South Korea followed with a tender Thursday to buy 60,000 mt of feed wheat for arrival on September 10.
Thailand was the first in eastern Asia to move on new crop feed wheat purchases, according to S&P Global Platts data. Chicago wheat futures have dropped 7% since February 21.
The first new crop sale was made by Midstar to Thailand’s Betagro on February 27 for 60,000 mt at $213.50/mt CFR Linerout Bangkok for shipment in July. On March 4, Thai Feed and Milling Association bought two feed wheat cargoes shipping in July at $211/mt CFR Lo Bangkok. The sellers were Agrocorp and Al Ghurair for 58,000 mt and 61,000 mt, respectively.
Thailand’s Feed and Milling had passed its buy tender on Wednesday for September feed wheat shipment, with the sharpest offer between $210-$211/mt CFR Lo Bangkok, traders said. It was seeking prices closer to $200s/mt CFR Lo Bangkok, one trade source said.
Uncertainty in consumption of end-products, both locally and via exports, due to an evolving coronavirus, was also a reason for the buying consortium to defer the forward purchase, another source said.