June 22, 2007

Israel buys Argentine corn, US sorghum

A group of Israeli private buyers has bought 85,000 tonnes of Argentine corn and 8,000 tonnes of US sorghum through a tender which closed on Thursday (June 21), traders from Europe said.

The group had tendered to purchase up to 56,000 tonnes of corn from the United States or South America.

Alternatively, Israeli exporters sought bids for 48,000 tonnes of corn and 7,000 tonnes of US or South American soymeal which was later amended the tender to call for additional bids for sorghum and no more soymeal.

The corn was said to have been purchased at 165 cents a bushel over Chicago's September corn contract.

The sorghum was bought at 185 cents a bushel over the same contract.

Traders said Argentina looks bent to dominate the corn market in Israel as it gathered all bids.

The tender specified shipment from South America between July 25 and Aug 15.

In the last reported Israeli corn purchase on May 30, a consortium of private buyers purchased about 54,000 tonnes of corn and about 7,000 tonnes of soymeal also from Argentina.