August 4, 2023

MFIG purchasing group acquires about 65,000 tonnes of feed corn

Taiwan's MFIG purchasing group bought about 65,000 tonnes of animal feed corn expected to be sourced from Brazil in an international tender on August 2, European traders said.

It was believed to have been sold by trading house ADM.

The corn was purchased at an estimated premium of 143.00 cents a bushel (c&f) over the Chicago December 2023 corn contract CZ3, the traders said.

Shipment was sought by MFIG for between October 1 and October 20 if the corn is sourced from the US Gulf, Brazil or Argentina, they added. If sourced from the US Pacific Northwest coast or South Africa, shipment was sought between October 16 and November 4.

Brazilian corn dominated the tender, with seven other trading houses also offering the full 65,000 tonnes in a premium range of 145.50 cents to 195.00 cents a bushel (c&f) over the Chicago December contract, traders said.

No offers of corn from the United States or South Africa were reported.

Two offers of Argentine corn, both of 65,000 tonnes, were reported, the lowest at 151.00 cents a bushel (c&f) over the Chicago December contract.

- Reuters