December 20, 2007

Malaysia buys 6,000- tonne Indian corn at US$264 per tonne

Buyers in Malaysia have bought 6,000 tonnes Indian corn from a global trading company at $264 a tonne, cost and freight, a senior executive with the trading company said Wednesday (December 19).

"Delivery will be made in January," according to the executive who doesn't want himself or his company named.

He said this was one in a series of Indian cargoes that have been sold to buyers in Malaysia by trading companies. It marks a significant shift in corn purchases for Malaysia to India from the Americas.

He said Malaysia has emerged as a major buyer of Indian corn in the past few months because of lower freight costs compared with purchases from the US.

Corn from the US will cost upwards of $300/tonne cost and freight, he said.

"Definite figures aren't available yet but at least 175,000 tonnes Indian corn has been sold to buyers in Malaysia in the last few months," the executive said.