Taiwan’s MFIG buys about 65,000 T corn, expected from Brazil (updated)
08/05/2024 08:19
(Adds other offers for U.S. and Argentine corn, detail)
HAMBURG, May 8 (Reuters) - Taiwan's MFIG purchasing
group bought about 65,000 metric tons of animal feed corn
expected to be sourced from Brazil in an international tender on
Wednesday, European traders said.
The yellow corn was purchased at an estimated premium of
159.66 U.S. cents a bushel c&f over the Chicago September 2024
corn contract CU24 , they said.
It was believed to have been sold by trading house Pan
Ocean.
The tender sought shipment between July 6-25 if the corn is
sourced from the U.S. Gulf, Brazil or Argentina, traders said.
If sourced from the U.S. Pacific Northwest coast or South
Africa, shipment was sought between July 21 and Aug. 9.
Five trading houses each offered 65,000 tons of
Brazilian corn in the tender with the next lowest offer from
Brazil at a premium of 161.15 cents c&f over Chicago September,
they said.
Traders said only one offer for 65,000 tons of U.S. corn
was made at 182.50 cents a bushel c&f over the Chicago
September, submitted by trading house CHS.
Five trading houses also each offered 65,000 tons of
Argentine corn, the lowest at 158.80 cents over Chicago
September.
Because of concerns about low quality, Argentine corn
would only be accepted if it is the lowest price offered and at
least 4 cents per bushel below the next cheapest offer from
other origins, traders said.
Reports reflect assessments from traders and further
estimates of prices and volumes are still possible later.
In its last reported
corn
tender on April 2, the MFIG group bought about 65,000 tons
expected to be sourced from Argentina.
(Reporting by Michael Hogan, editing by Gerry Doyle)
((michael.j.hogan@thomsonreuters.com; +49 172 671 36 54;
Reuters Messaging:
michael.hogan.thomsonreuters.com@reuters.net))