INTERNATIONAL NEWS DETAILS

Thai mills buy Indian feed wheat, S.American soymeal

Asia Grains-Thai mills buy Indian feed wheat, S.American soymeal
SINGAPORE | Fri Aug 17, 2012

SINGAPORE Aug 17 (Reuters) - Thai feed millers bought 80,000 tonnes of Indian wheat and South American soymeal this week, while Pakistan sold 80,000 tonnes of corn into Southeast Asia as easing global prices prompted Asian importers to lock supplies.

The 40,000 tonnes of Indian feed wheat to Thailand was sold at $321 a tonne, including cost and freight (C&F) for shipment in September and October, traders said. Thai mills bought 40,000 tonnes of South American soymeal at around $505 a tonne, C&F, for March shipment.

"There is some stability coming back to the market which is generating buying interest from millers," said one Singapore-based trader. "Indian feed wheat is one of the cheapest origins for feed grains at the moment."

U.S. grain and oilseed futures have retreated in recent weeks as investors ascertain how much demand has been reduced by a rally in grain prices to record highs.

Front-month wheat has lost almost 2 percent this week, on track for a fourth straight week of losses, while soybeans have given up 3 percent, down for three out of four weeks.

Corn has slid about half a percent this week after declining 1.2 percent last week, with losses limited by tight global supplies.

A global trading company bought 80,000 tonnes of Pakistani corn between $280 and $290, free on board, traders said, adding that much of it is for shipment to Southeast Asia. South American corn was quoted around $340 a tonne, C&F in Southeast Asia this week.

The front-month corn climbed to an all-time high of $8.43-3/4 a bushel last week and soybean jumped to a record top of $17.77-3/4 a bushel on July 20. (Reporting by Naveen Thukral; editing by Miral Fahmy)

TESTIMONIALS

CONTACT US

  • Plot No. 30/25, Knowledge Park - III,
    Greater Noida - 201306, Uttar Pradesh
    (NCR Delhi)-India
  • +91-120-2428800
Designed by Media Solutions