October 24, 2007

India to export 14,500 tonnes of corn to Malaysia

An international trading company in India has sold 14,500 tonnes of Indian corn at US$205/tonne, free-on-board for shipment to Malaysia in November, a trade executive said Wednesday (October 24, 2007).

"India is on average exporting around 30,000 tonnes of corn every month, mostly to Indonesia and Malaysia," the executive told Dow Jones Newswires.

He said Indian corn is now being offered around US$215-$218/tonne, free-on-board.

He said India' monthly corn exports may rise above 50,000 tonnes each in November and December due to a freight advantage over the US.

Corn from the US delivered to Malaysian ports costs around US$290/tonne, while India can export to the same ports for around US$245/tonne, basis cost and freight.