June 6, 2012

Agrex sells US corn, soy to Taiwan Sugar purchases

Agrex Asia Ltd. have sold 23,000 tonnes of US corn and 12,000 tonnes of US soy to Taiwan Sugar Corp. (TSC) in a tender on Tuesday (Jun 6), according to trading executives.

TSC bought the corn at US$310.90/tonne, basis cost and freight, and the soy at a US$2.374-a-bushel premium over the September futures contract on the CBOT, C&F, they said.

CBOT September soy futures are currently trading around US$12.9525/bushel.

At current CBOT levels, the flat price for soy will work out to around US$563/tonne, C&F.

Agrex has to make the shipment between June 22-July 6 from the Gulf coast or July 7-21 from the Pacific Northwest.

In May, TSC passed on a tender to import corn and soy. However, in the last week of May, the Kaohsiung and Taichung branches of Taiwan's Breakfast Soybean Procurement Association purchased soy at premiums of US$3.07, US$3.133, US$3.05 and US$2.92, C&F, over CBOT November futures for July, August and September shipments.