US corn dominated the tender in Taiwan
On Wednesday, February 19, Taiwan’s MFIG Group purchased 65,000 tons of feed corn from the United States in a tender. This is reported by Reuters.
Pan Ocean company became the winner of the tender. The purchase price is equal to the value of the July corn contract at CBOT plus a premium of 161.85 cents per bushel on a C&F basis.
Bidders offered eleven lots of U.S. corn of 65,000 tons each at the July CBOT corn contract price plus a premium of 162.48-188.69 cents per bushel on a C&F basis.
In addition, a consignment of Argentine corn was offered at a premium of 183.9 cents per bushel. Traders said that due to concerns about poor quality, Argentine corn would only be purchased if it was offered at the lowest price and at least 4 cents per bushel below the next cheapest offer from other countries.
The purchase figures are based on traders’ opinions, and price and volume adjustments may be made at a later date.
Under the terms of the tender, corn will be shipped from April 16 to May 5 from the Gulf of Mexico, Argentina or Brazil and from May 1 to 20 from ports in South Africa or the Pacific Northwest.
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