September 27, 2010

India sells 18,000-tonne soymeal to South Korea

India sold some 18,000 tonnes of soymeal to South Korea for November shipment.

India is also actively selling corn, striking deals with feed millers in Malaysia and Vietnam at around US$245 and US$250 a tonne, including cost and freight (C&F), for shipment in November and December, traders said.

"There were more deals of Indian soymeal done in the past 5-10 days as there is strong demand and prices are competitive. Indian corn is also in demand; Malaysia and Vietnam are active in the market," said one Singapore-based feed grains trader.

Traders said South Korea bought 55,000 tonnes of South American meal last week at US$429 a tonne C&F, while the deal for Indian meal was signed at US$418 a tonne.

India's soymeal sales are likely to double to around 300,000 tonnes in September from a month ago as buyers snap up cargoes from the South Asian nation, offering competition to suppliers of US and South American meal.

Feed mills in Vietnam and Thailand are in talks to book soymeal cargoes for October/November shipment and most business is likely to go to India on competitive prices being offered by bean processors from the country, traders at a regional grains conference said last week.