Asia Grains-Thailand buys S.American soymeal, Malaysia takes wheat
* Thai mills buy about 200,000 T of South American soymeal
* Traders sell 100,000 T of U.S. wheat to Thailand
* Malaysia buys 40,000 T Canadian spring wheat
* Indian soymeal quoted $30/T below Argentine cargoes
By Naveen Thukral
SINGAPORE, Aug 30 (Reuters) - Thai feed millers bought about 200,000 tonnes of South American soymeal this week for arrival between November and February as worries over rising global prices prompted them to lock in supplies.
Wheat importers were also active in Asia with 100,000 tonnes of U.S. wheat sold to Thailand and 40,000 tonnes of Canadian spring wheat bought by Malaysian flour millers in recent deals, traders said.
"We expect more deals in the coming weeks as millers in Southeast Asia are negotiating deals," said one Singapore-based trader, who was aware of the Thai soymeal deal.
Three cargoes of Argentine soymeal of 50,000 tonne each were sold to Thailand at around $80 above the Chicago Board of Trade futures <0#SM:> for November-January arrivals, while one shipment of Brazilian soymeal was traded for February delivery.
U.S. soymeal futures have climbed 1.2 percent this week, rising for a fourth straight week as hot and dry weather threatens soybean yields in parts of the U.S. crop belt. The product, used in making animal feed, has gained more than 16 percent in August, its biggest monthly gain in more than a year.
New-crop November soybeans rose to an 11-month high earlier this week while corn climbed to a five-week peak.
U.S. corn and soybeans were planted late this season due to excessively wet spring weather, leaving each crop well behind normal maturity pace and exposed to harsh weather in August.
Now there are more worries about yields as abnormally dry conditions and pockets of moderate drought have spread over parts of the U.S. Midwest in the past week, including in the key crop state of Iowa.
The U.S. Drought Monitor, issued weekly by state and federal climate experts, said more than 60 percent of Iowa was suffering from moderate drought, up from 35 percent a week earlier.
"Buyers are closely looking at Indian meal and right now prices are very competitive," said a second trader in Singapore, who sells feed grains in Asia.
Indian soybean meal is being quoted at around $525 a tonne, including cost and freight (C&F), for December shipment, which traders said was at least $30 a tonne less than offers from rival Argentina.
In the corn market, South Korea's largest feedmaker, Nonghyup Feed Inc, purchased 60,000 tonnes of the grain in a tender that closed on Wednesday. The corn can be sourced from worldwide origins including the United States, South America, Black Sea and South Africa.
Malaysia bought Canadian spring wheat with 13.8 percent protein content at around $310 a tonne C&F, while Thai flour millers have booked U.S. soft white, hard red and spring varieties of wheat for shipment in November and December.
Most Asian wheat buyers are covered for bulk of their needs up to December and are likely to seek January-March shipments in the coming weeks.
Wheat prices have also edged higher on expectations of strong demand and weather concerns in Argentina. (Editing by Himani Sarkar)