Taiwan's MFIG buys 65,000 tonnes corn from Brazil/US
- The corn was purchased in a single consignment, all at an estimated premium of 124.57 US cents a bushel over the Chicago December 2020, corn contract, they said.
- Shipment of some 40,000 to 65,000 tonnes of yellow corn was sought in September and Oct
HAMBURG: Taiwan's MFIG purchasing group bought about 65,000 tonnes of corn to be sourced either from the United States or Brazil in an international tender which closed on Wednesday, European traders said.
The seller has the freedom to select the final origin to be delivered.
The corn was purchased in a single consignment, all at an estimated premium of 124.57 US cents a bushel over the Chicago December 2020, corn contract, they said.
The seller was believed to be trading house Glencore.
The seller has to decide on the origin to be supplied by Aug. 6.
Nine other trading houses submitted offers in the tender for optional US/Brazilian supplies.
One offer was made for Brazilian-only corn at 125.90 cents over Chicago December and one offer of Argentine-only at 128.32 cents over December.
No offers were made for corn sourced only from the United States or only from South Africa.
Shipment of some 40,000 to 65,000 tonnes of yellow corn was sought in September and October depending on origin supplied.
Shipment is between Sept. 6 and Sept. 25 if the corn is sourced from the US Gulf, Brazil or Argentina, the traders said.
If sourced from the US Pacific Northwest coast or South Africa, shipment is sought between Sept. 21 and Oct. 10.
In its last reported tender on April 29, the MFIG group bought about 65,000 tonnes of corn to be sourced from Brazil.