Taiwan's feed industry procurement association MFIG purchased about 65,000 tonnes of corn expected to be sourced from Argentina in an international tender on Wednesday, continuing brisk buying by Asian importers after prices fell, European traders said. The corn was all bought at a premium of 137.40 US cents c&f over the Chicago July corn contract, traders said.
The seller was believed to be trading house CJ International. The tender sought shipment between May 20 and June 8 if the corn is sourced from the US Gulf, Brazil or Argentina. If sourced from the US Pacific Northwest coast or South Africa, shipment was sought between June 4-23. Traders said only Argentine corn was offered in the tender. "Argentina is certainly looking the most competitive origin in world corn markets at the moment," one European trader said.
The MFIG deal continues a brisk period of Asian corn buying this month after prices fell. US corn futures dropped in March partly on lack of agreement about a US/China trade deal. Chicago corn hit life-of-contract lows on Friday on concerns about large US inventories and sluggish exports.
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