October 30, 2003

Indonesia Contemplating To Buy 50,000 Tons of US Soybean
 

Indonesia is speculating to purchase at least 50,000 tons of U.S. No 1 soybeans for December shipment as it was difficult to defer purchases any further because of the upsurging Chicago prices, traders said today.

"We are covered until the end of November but we still need some cargoes for December. We have to conclude the deals before prices rise any further," said one Jakarta-based trader.

On Wednesday, Chicago Board of Trade soybean futures ended sharply higher, with November settling at the session's high of $8.00 per bushel, on active U.S. exports amid a seven-year low production level.

Indonesia buys soybeans mainly for food. Traders said U.S. No 1. soybeans were offered at around $365 per ton C&F to Indonesia after the overnight price rally.