December 9, 2011

Taiwan's Maize Industry Procurement Association (MIPA) on Thursday (Dec 8) purchased 60,000 tonnes of Brazilian corn from Glencore International PLC.

Trading executives said the cargo is for shipment between February 1-15.

Glencore had also offered corn at a flat price of around US$299.25/tonne, C&F. The quote was a 151 cents-a-bushel premium over the March corn futures contract on the Chicago Board of Trade, which is trading around US$5.87 a bushel.

Traders expect CBOT corn prices to extend recent losses this month. Prices of South American corn have declined US$20/tonne on a delivered basis in Taiwan in the last 10 weeks.

MIPA in October passed on a tender to import corn when the lowest offer was at a 197.70-cents-a-bushel premium over CBOT December futures, which were trading around US$5.92/bushel.