December 1, 2008
A Malaysia-based company has bought 6,000 tonnes of corn from India at US$210/tonne, basis cost and freight for delivery early next month, a trading executive said Friday (Nov 28).
He said the cargo is currently being loaded for bulk shipment at an Indian port.
He said a few more deals have taken place for shipment in containers.
Most of India's corn exports are currently to Malaysia and some in small volumes to Vietnam.
Traders said purchases from India have slowed down due to a fall in global prices which has made imports from South America competitive despite comparatively higher freight costs.
They said currently corn from India is being offered around US$175-US$180/tonne, free-on-board and slightly above US$190/tonne, cost and freight.