* Indonesia buys 200,000 T of South American corn
* India loses corn market share on higher prices
* Asian millers seek July shipment wheat cargoes
* S.Korea buys corn; Japan takes U.S., Canadian wheat
By Naveen Thukral
SINGAPORE, April 26 Indonesian millers bought
about 200,000 tonnes of South American corn in recent deals,
while Asian buyers were in the market seeking U.S and Australian
wheat as global grain prices eased for a second consecutive
South American corn was sold to buyers in Indonesia at
around $280 to $285 a tonne, including cost at freight (C&F),
for delivery in May and June, traders said.
Indonesia had been sourcing a bulk of its corn cargoes from
India which was selling the grain at around $35-$40 a tonne
discount to Argentinean supplies. But India is now struggling to
export corn after a slide in global prices.
"All this business would have gone to India if international
prices had not declined," said one trader with a global trading
firm in Singapore. "As of now, Indian prices are almost the same
as South American. Indian corn is attractive only when it is at
least $15 discount to Argentina."
The benchmark Chicago Board of Trade corn has dropped
about 15 percent since last month's peak of $7.49 a bushel,
pushing South American and U.S. cash prices lower. But Indian
corn has not fallen in line with global prices.
South Korea's Korea Corn Processing Industry Association
bought 55,000 tonnes of optional-origin corn from Glencore
International AG via a tender this week, traders said. It paid
more than $290 per tonne on a C&F basis, they said.
In the wheat market, Asian buyers are looking to buy around
300,000 tonnes for July shipment.
"There are a lot of enquiries at the moment," said a second
Singapore-based trader. "We had millers checking prices from
Thailand, Malaysia and Vietnam."
CBOT wheat has given up more than 2 percent in as many
In Asia's physical market, Australian prime wheat was quoted
around $350 a tonne, C&F, and Australian standard wheat was
being offered at $348 a tonne, with prices of both varieties
largely unchanged from last week.
U.S. soft white wheat was quoted at around 320 a tonne,
winter wheat with 12 percent protein at $350 a tonne and spring
wheat with 14 percent protein at $370 a tonne. U.S. wheat values
have fallen by around $5 a tonne since last week.
Asian buyers are rushing to cover supplies on concerns about
production declines in the U.S. Plains hard red winter wheat
belt due to freeze damage.
The market is looking forward to the annual Wheat Quality
Council tour of Kansas wheat fields next week for a price
direction. Freeze damage results from southern Kansas and also
the Texas and Oklahoma Panhandle regions are expected to be
reported by the tour.
Japan's farm ministry bought 95,621 tonnes of milling wheat
from the United States and Canada in a regular tender that
closed on Thursday. It took 22,359 tonnes of U.S. white
wheat with protein content of 10.5 pct, 23,520 tonnes of hard
red winter and 19,942 tonnes of dark northern spring wheat.
The ministry bought 29,800 of western red spring wheat from
(Editing by Himani Sarkar)