September 30, 2014
China: Taiwan buys 60,000 tons of Brazilian corn
On September 26, Taiwan's MFIG bought 60,000 tons of Brazilian corn from trading house Cargill.
The purchase was made in a combination of a flat price of CNF US$ 202.75 and a premium of 177.77 US cents per bushel above the Chicago March 2015 corn futures contract prices. According to European traders, a maximum of 5,000 tons was purchased at the flat price.
The tender had sought 60,000 tons of corn for shipment between November 21 and December 10 from the US Pacific north-west coast. Alternatively, if the produce is from Brazil, the shipment will be between November 7 and November 26.
Due to favourable weather conditions in the US Midwest grain belt, corn prices have been under pressure from forecasts of a bumper harvest, leading to their four-year lows over the past week.