July 16, 2007

China's feed wheat finds markets in South-east Asia

China is finding buyers for its wheat stock as the South-east Asian meat market continues to grow, traders said at a wheat buyers' conference in Bali.

Last week, Vietnam bought 12,000 tonnes of Chinese feed wheat for spot shipment, and the country is aiming to buy another 100,000 tonnes from the same origin for shipments until December, traders said.

The deal was made at US$247 a tonne, including cost and freight. More deals for Chinese B-grade wheat are expected to be finalised soon.

Meanwhile, China is offering feed wheat to Malaysia and the Philippines for near-term shipments as it aims to clear old stocks. Both countries are negotiating for Chinese feed wheat.

The offers have been made at around US$260 a tonne, including cost and freight, traders added.