Taiwan’s MFIG buys about 65,000 tonnes corn from Brazil -traders (updated)

Pan Ocean

09/11/2022 07:05

(Adds other offers, detail)
       HAMBURG, Nov 9 (Reuters) - Taiwan's MFIG purchasing
group has bought about 65,000 tonnes of animal feed corn
expected to be sourced from Brazil in an international tender
that closed on Wednesday, European traders said.
    It was believed to have been sold by trading house Cargill.
    The corn was purchased at an estimated premium of 192.69
U.S. cents a bushel c&f over the Chicago March 2023 corn
contract  CH3 , they said. 
    Offers had been sought for corn sourced from the United
States, Brazil, Argentina or South Africa.
    Traders said Brazilian corn dominated offers in the tender,
with a total of eight shipments from Brazil each of 65,000
tonnes submitted, including Cargill’s winning offer.
    One offer was submitted for 65,000 tonnes of Argentine corn
believed to come from trading house Pan Ocean at an estimated
premium of 191.44 U.S. cents a bushel c&f over the Chicago March
2023 corn contract, they said.
    But Argentine corn was not favoured because of quality
concerns and the group was seeking premiums from Argentina well
below other origins, traders said.
    No offers were reported for corn from the United States or
South Africa.
    Shipment was sought between Jan. 8 and Jan. 27, 2023, if the
corn is sourced from Brazil, traders said.
    In its last reported tender on Oct. 12, the MFIG group
bought about 65,000 tonnes of corn, also expected to be sourced
from Brazil. 
 (Reporting by Michael Hogan, Editing by Mark Potter)
 ((michael.j.hogan@thomsonreuters.com; +49 172 671 36 54;
Reuters Messaging:
michael.hogan.thomsonreuters.com@reuters.net))