An Indonesian miller bought 20,000 tonnes of high-quality Canadian wheat in a recent deal for February shipment, while the Philippines is seeking feed wheat and soybean meal, two traders said. Canadian Western Red Spring (CWRS) wheat with 13.5 percent protein content, used for making noodles among other products, was sold between $265 and $270 a tonne, including cost and freight (C&F).
In a separate deal, Indonesian millers bought 25,000 tonnes of Australian Standard Wheat (ASW) at $210 a tonne, C&F. A group of feed grain processors in the Philippines is in the market seeking 100,000 tonnes of soybean meal for February and March arrival.
Millers have also been looking at buying 165,000 tonnes of feed wheat for arrival in February, March and April, they said. Indian flour millers were on the sidelines this week after contracting large volumes in the past few weeks. "There are a plenty of offers for Australian wheat for February shipment," said a Singapore-based trader. "But I don't think anyone in India is willing to buy that much forward."
India will keep its wheat import tax unchanged at 10 percent and state-run traders will not import the grain for now, as the private trade is expected to buy up to 3 million tonnes this year, the highest in a decade, a senior government source said. Chicago soybeans and corn slid on Friday with both poised for their biggest weekly losses since late August on expectations of further increases in crop yields in next week's US Department of Agriculture (USDA) report. Informa Economics, a private analytics firm, on Thursday raised its estimate of the US 2016 soybean yield to 52.4 bushels per acre, from 51.6 in the previous month.
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