August 6, 2012

Taiwan's corn association buys 60,000 tonnes Brazil corn

Taiwan's Maize Industry Procurement Association Tuesday (July 31) purchased about 60,000 tonnes of Brazilian corn from CJ International scheduled for October 29-November 12 delivery, said trading executives.

The price is around US$14/tonne higher than its previous purchase.

Of the total quantity, the association purchased 55,800 tonnes of corn at a US$0.714 cents/bushel premium over the December corn futures contract on the CBOT, basis cost and freight, they said. It bought the rest of the volume at a flat price of US$350.35/tonne, C&F.

The December contract is currently trading around US$8.1850/bushel.

Last Wednesday, MIPA purchased Brazilian corn from Glencore at US$0.719 a bushel over the CBOT December contract, which at then prevailing prices worked out to around US$336.30/tonne, C&F, they said.