March 31, 2011

Taiwan's Maize Industry Procurement Association (MIPA) Wednesday (Mar 30) bought 43,300 tonnes of US No. 2 corn from Louis Dreyfus Commodities for shipment in May, trading executives said.

They said MIPA bought 43,000 tonnes corn at 185 cents over the July corn futures contract on the Chicago Board of Trade and 300 tonnes at US$340.55/tonne, on cost and freight basis.

MIPA cancelled two corn import tenders earlier this month for April 21-May 5 shipment, citing high prices.

In the previous tender on March 18, the lowest offer on a flat-price basis was from trading company Zenoh, at US$344/tonne, C&F. On a premium basis, the lowest offer was Bunge Ltd's 208.14 cents a bushel over May CBOT corn.

CBOT May corn futures are currently trading around US$6.73/bushel, while the July contract is around US$6.80/bushel.