HAMBURG: Taiwan’s MFIG purchasing group bought about 130,000 tonnes of animal feed corn, expected to be sourced from the United States and Argentina, in an international tender that closed on Thursday, European traders said.
The purchase involved one 65,000 tonne consignment from each country, they said.
“It looks like some Asian importers have decided to get in some supplies after the supply disruption in the Black Sea (region),” one trader said.
Chicago wheat futures rose by their daily limit to a 14-year high on Wednesday as the conflict in Ukraine raised major concerns about grain supplies and corn touched it highest price since December 2012.
All the corn in the tender was said to have been sold by trading house CJ International.
The first consignment is expected to be sourced from the United States and was purchased at an estimated premium of 422 US cents per bushel c&f over the Chicago September 2022 corn contract, traders said.
Shipment of the consignment was sought for May 1-20 if the corn is sourced from the US Gulf, Brazil or Argentina, traders said. If sourced from the US Pacific Northwest coast or South Africa, shipment is sought between May 16 and June 4.
The second consignment, expected to be sourced from Argentina, was purchased at an estimated premium of 347.60 US cents per bushel c&f over the Chicago September contract, they said.
Shipment of the second consignment was sought for June 1-20 if the corn is sourced from the US Gulf, Brazil or Argentina, traders said. If sourced from the US Pacific Northwest coast or South Africa, shipment is sought between June 16 and July 5.
Source: Brecorder
