May 4, 2015

Taiwan's MFIG buys 120,000 tonnes of US corn

Taiwan's Members Feed Industry Group (MFIG)had bought 120,000 tonnes of US corn last week via a tender, according to European traders.

It is said that the first 65,000 tonnes of corn was purchased from Japan's trading house, Mitsui, at a premium of 122.50 US cents per bushel above the Chicago Board of Trade (CBOT) September contract.The remaining 55,000 tonnes of corn was purchased from Louis Dreyfus, at a premium of 123.00 US cents per bushel above the CBOT September contract.

CBOT corn prices continued to drop to a new low in six months as dry weather was forecasted for the US Midwest Corn Belt region, and farmers are expected to continue maintaining a rapid planting progress.