Developing Countries Will Lead Global Rice Import Growth in 2013-22, Says USDA Rice growers positive California MG prices are UP Russia MG Harvest coming to end Egypt open rice exports Vietnam’s rice export in tough competition with India Thai rice exports in May Rise Above Target This Year Viet-Nam Rice exports likely to fall this year
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Importers start week with soyabean, milling wheat and corn buying
Reuters
SEOUL ,Some Korean and Japanese importers have opened the week by mapping out tenders to buy soyabean, milling wheat and corn, while Taiwan enjoys holidays through Wednesday for Chinese New Year.
South Korea's Agricultural and Fishery Marketing Corporation (AFMC) is scheduled to close a tender on Tuesday to buy 25,000 tonnes of edible non-genetically modified (non-GM) soyabeans for March 10 arrival.
AFMC is also due to close other tenders to buy three 25,000-tonne lots of edible non-GM soyabeans on Wednesday each for arrival on June 20, August 5 and September 20.
In Japan, oilseed crushers will seek US or Brazilian crops for April shipment this week, traders said.
US soyabean C&F (cost and freight) premiums for shipment in the first half of April were offered steady on Monday at around 142-143 cents over CBOT May contract, while premiums for the second half of April were offered at around 140 cents.
Traders estimated Japanese oilseed crushers had so far bought three cargoes of Brazilian soyabeans, or about 140,000 tonnes, for March-April shipment.
In the milling wheat market, South Korea's Dongah Flour Mills Co Ltd and CJ Corp said they were mulling joint tenders later this week to buy around 20,000 tonnes of US No 1 wheat for late March or early April shipment to Pusan port.
"It is hard to tender immediately as the CBOT prices shot up last week," a CJ official said.
"But it will be risky to just wait and see."
CORN EYED: Japanese feed makers will seek US corn for April-June shipment this week, but high premium offers are likely to deter them from buying aggressively, traders said.
One Japanese trader estimated the country had so far bought about 250,000 tonnes of US feed corn for second-quarter shipment, covering less than 10 percent of their total corn needs for the period.
"Buyers are in a waiting mode, as they hope recent declines in freight rates could lead to easier premium offers," he said.
Modern panamax voyage rates for the US Gulf to Japan were indicated last Tuesday at $27.00 a tonne for February shipment, down from $28.00 a week earlier.
Brokers said rates retreated after surging to six-year peaks on brisk demand ahead of the Chinese New Year and higher fuel costs.
US corn C&F (cost and freight) premiums for April-June were offered on Monday at around 118-120 cents over the Chicago Board of Trade (CBOT) May futures, steady from last week.
The level was the highest since 1996, when US corn premiums had soared as high as 167 cents.
For human consumption, the Korea Corn Processing Industry Association (KOCOPIA), which has not bought corn since late last year, might start to tender later this week for June arrival and onward, a KOCOPIA official said in Seoul.
Yet Japanese food processors will likely remain cautious about buying US corn this week, as they are considering sourcing the grain from Brazil or other countries after the discovery of banned biotech corn in US cargo, traders said.
Japan's Health Ministry discovered traces of gene-spliced StarLink corn in shipments from the United States in December.
StarLink has been approved in the United States for feed but not for human consumption due to possible allergic reactions.
It is not even permitted as feed in Japan.
MGR Archive 4.2.2003
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Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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