* Malaysia buys 50,000 T of Ukrainian corn
* Philippines buys 55,000 T of feed wheat
* Australian wheat harvest 40 pct complete
* Indonesia eyes February/March wheat cargoes
By Naveen Thukral
SINGAPORE, Nov 23 Malaysian feed millers bought
around 50,000 tonnes of Ukrainian corn for January shipment this
week while importers in the Philippines took around 55,000
tonnes of Australian feed wheat.
Indonesian buyers are looking to cover wheat supplies for
February and March shipment, although trading slowed this week
with the Chicago Board of Trade electronic platform closed on
Thursday and Friday for the U.S. Thanksgiving holiday.
"People have been looking for U.S. corn, but we haven't see
a lot of business being done as buyers still have some options,
such as Ukraine, which is much cheaper," said one trader with a
global trading company.
Ukrainian corn was traded between $340 and $350 a tonne,
including cost and freight, compared with U.S. corn being
offered at $360 to $365 a tonne. Australian feed wheat into the
Philippines was sold at $355 a tonne, C&F.
The Australian wheat harvest is in full swing, with farmers
having gathered 40 percent of the crop, which is putting
pressure on prices.
On the country's east coast, farmers have wrapped up the
harvest in most parts of Queensland, while it is 70 percent
complete in northern New South Wales.
In Western Australia, the harvest is between 20 and 60
percent complete, while in South Australia it is beginning to
"Australian wheat prices are coming under pressure because
of the harvest and it is becoming more competitive," said
another Singapore-based grains trader.
Australian prime wheat was quoted around $375 a tonne, C&F,
about $5 to 10 lower than last week, while Australian standard
wheat was offered close to $365 a tonne. Australian hard wheat
with 11.5 percent protein content was offered around $390 a
"It is very difficult to find Australian prime hard wheat
with 13.5 to 14 percent protein as quality is not very good,"
the second Singapore trader said.
Lower protein levels than average are another blow to
Australia's overall wheat output, already set to be well down on
last year's record crop, after dry weather in Western Australia,
the country's largest wheat producing state, stunted yields.
Still, CBH Group said indications from harvests across
Western Australia suggest grain production there is likely to
surpass 9 million tonnes, the upper end of their forecasts, with
wheat expected to account for about 6 million tonnes.
U.S. soft white wheat was offered in Asia at $375 a tonne,
C&F, in a bulk cargo of 60,000 tonnes, largely unchanged from
last week. Spring wheat with 14 percent protein was quoted at
$420 a tonne and hard red winter wheat between $405 and $410.
This week Iraq's state grains board bought a total of
350,000 tonnes of wheat from Australia, Russia and Canada in a
tender for a nominal 50,000 tonnes.
South Korea's Daehan Flour Mills bought 48,200 tonnes of
milling wheat via tenders on Wednesday. It took 24,500 tonnes of
U.S. wheat for shipment in March and 23,700 tonnes of Canadian
wheat for February-March arrival.
The country's largest feedmaker, Nonghyup Feed, bought
55,000 tonnes of soymeal in a tender for up to 110,000 tonnes
(Reporting by Naveen Thukral; Editing by Clarence Fernandez)