Taiwan purchased 65 thsd tons of feed corn
Taiwan’s MFIG Group purchased 65,000 tons of U.S. corn from Pan Ocean at a premium of 186.6 cents/bushel over the December CBOT contract (C\&F basis). U.S. offers dominated the tender. Brazilian offers were costlier, with Olam bidding 209 cents/bushel. Argentine corn is less favored unless significantly cheaper.
Today, July 30, Taiwanese MFIG Group purchased 65,000 tons of feed corn at a tender. The winner of the tender was Pan Ocean Trading House. The purchase price was equal to the December CBOT corn contract plus a premium of 186.6 cents per bushel on a C&F basis.
According to traders, the corn will be delivered from the United States.
American corn dominated the tender, with six companies offering 65,000 tons each.
Three lots of 65,000 tons of Brazilian corn were also offered. Olam offered the lowest price for Brazilian corn – the December CBOT corn contract plus a premium of 209 cents per bushel on a C&F basis.
The tender terms call for shipments to occur between Sept. 26 and Oct. 15 if they originate from ports on the Gulf Coast, Brazil or Argentina. If the corn is shipped from the U.S. Northwest Coast, the delivery period will shift to Oct. 11-30
Traders said concerns about poor quality will force them to buy Argentine corn only if the bid is the lowest and the price per bushel is at least four cents below the next-cheapest bid from another country.
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Source : Ukr Agro Consult
