Taiwan purchased 65 thsd tons of feed corn

Today, June 11, Taiwanese MFIG Group purchased 65,000 tons of Brazilian feed corn at a tender, Business Recorder reported.

The winner of the tender was CJ International. The purchase price was equal to the cost of the December CBOT corn contract plus a premium of 161.20 cents per bushel on a C&F basis.

Brazilian corn dominated the tender, with eight companies offering 65,000 tons each.

Two lots of 65,000 tons of US corn were also offered. The lowest price for US corn was offered by ADM – the cost of the December CBOT corn contract plus a premium of 176.20 cents per bushel on a C&F basis.

ETG is ready to deliver one batch of Argentine corn (65 thousand tons) at a price 173.43 cents higher than the December contract price.

According to the tender terms, shipment is scheduled for the period from August 19 to September 7, if it occurs from ports in the Gulf of Mexico, Brazil or Argentina. If the corn is shipped from ports on the northwest coast of the United States or from South Africa, the delivery period is shifted to September 3-22.

This week, Asian buyers have stepped up their corn purchases. According to traders, progress in trade talks between the United States and China could lead to higher corn prices in the coming weeks if China buys American grain again. In addition, Asian importers are concerned about a possible increase in dry cargo freight costs, which will increase transportation costs.

Tags: tender, corn, Taiwan