June 24, 2011
Pakistani corn sales exceed 55,000 tonnes
Since late last month, Pakistan's corn sales for exports in containers have reached more than 55,000 tonnes, according to trading executives on Thursday (Jun 23).
There is strong demand for small parcels of Pakistani corn in Southeast Asia and the Middle East, and trades are taking place around US$300/tonne, free on board, said a Karachi-based trading executive. He said some shipments were recently made to Salalah port in Oman.
Traders said sales may rise to 100,000 tonnes by next month because Pakistan's corn is the cheapest available corn in the global market.
In Southeast Asia, it is more than US$30/tonne cheaper on a delivered basis than US corn and preferred by animal feed manufacturers who require small volumes at short notice to fill in gaps in their requirements. It is also US$5-10 cheaper than corn from Myanmar and India, traders said.