Asian demand for corn in China increases

Introduction: there are signs that after the crisis in Argentina, traders have avoided trading with Argentina, and Asian countries have gradually reduced Argentine corn imports Last year, Asian demand for Argentine corn expanded rapidly after China's exports fell Some Asian traders are reluctant to sign contracts with Argentina to buy corn because of supply problems caused by soaring corn prices in Argentina, traders said So that China has the opportunity to re-enter its traditional export market A grain trader in Singapore said: "at present, Argentina has corn supply, but no shipping I haven't heard any offers from Argentina for corn in Asia " South Korea and Malaysia, the main buyers of Chinese corn, began buying corn in large quantities from Argentina last year Because there are always contradictory signals in China's corn export supply, traders can only guess for most of the time South Korean corn imports from Argentina surged to 1.23 million tons in 2000 / 01, up from a mere 60000 tons last year, the Argentine Ministry of Agriculture said Thursday Malaysia's corn imports from Argentina increased from 50 thousand tons to 700 thousand tons Indonesia did not import corn from Argentina in 1999 / 00 and imported 250000 tons of Argentine corn in 2000 / 01 "Traders don't want to take risks in buying Argentine corn, although I don't think the impact of the Argentine economic crisis will be too great Because China has supplies, corn suppliers are not so eager to buy Argentine corn " One trader said Another trader added: "this will continue until the news of the devaluation of the peso is finalized." On Thursday, traders in Buenos Aires said Argentina's food trade was largely paralysed before the new president announced new economic measures on Friday The new economic package is expected to include a devaluation of the peso According to regional grain traders, South Korea is very happy to sign corn import contracts with China that arrived before May and June In contrast, South Korea usually purchases corn that will ship three months later, because China's offer is currently the most competitive Traders in Seoul say South Korea is speeding up the signing of corn import contracts because they are worried that China will be forced to cancel export subsidies after joining the world trade organization, which will lead to increased demand for corn in the United States and ultimately increase corn prices "Even Malaysia is looking to import Chinese corn." One trader said, "they cut corn imports from Argentina Of course, American corn is also a choice But the problem is, the price of corn in the United States is going up " Traders say the current price of corn in China is $98 to $99 per ton, FOB In most Southeast Asian markets, the price of corn in China, combined with freight, is $105 - $106 per ton The price of corn in the United States is $110 - $111 per ton, CNF price Malaysia recently bought several small boats of corn from Thailand to meet the sudden increase in domestic demand "The number of purchases from Thailand is very small, but Malaysia hopes to do so before the Chicago corn price rises," said one trader On Thursday, corn futures on the Chicago Mercantile Exchange (CBOT) closed up about 2 cents per bushel, driven by stronger wheat and higher soybeans Other Southeast Asian countries, such as the Philippines and Vietnam, don't have strong demand for corn imports, traders said, while Indonesia is looking for corn in early March "I don't think the Philippines will enter this market in a short period of time because they are preparing to accept all corn shipped from the United States under the pl-480 program," said one trader According to the first plan of pl-480 project, the Philippines purchased 209996 tons of American corn This program provides developing countries with long-term low interest loans to buy American agricultural products (author:) share to feed Weibo share to: