China exports corn to Indonesia

Introduction: Jakarta, Dec 6 (Reuters) - Indonesia bought 80000 tons of Chinese corn in November because of the competitive price of Chinese corn and because Jakarta has not approved a credit guarantee plan from the United States so far, Indonesia will buy more Chinese corn, according to industry insiders on Thursday They said Indonesia also imports soybean meal from India, because Indian soybeans are at the peak of harvest and the price of soybean meal is relatively low "About 80000 tons of corn were purchased from China in November and shipped from February to March," said an international trader in Jakarta "More orders will be placed with China this month because the price of corn in China is more competitive than that in the United States, and because the new GSM credit guarantee scheme is not in progress," the trader added China's export price of corn to Indonesia is US $104 per ton CNF, which is basically the same as that of the United States, but the cost and freight price from China to Indonesia is more attractive than that of the United States The price of Indian soybean meal is 210 US dollars per ton CNF, which will be delivered in December Its price is much lower than the US export price of $222 per ton of high protein soybean meal Another Jakarta trader said: "Indonesian soybean meal importers are now buying Indian soybean meal About 30000 tons of soybean meal will arrive in Indonesia in December " Grain importers in Indonesia are urging the government to approve the US export credit guarantee program known as GSM 102 as soon as possible They said that production plans were disrupted because GSM 102 could not be passed as soon as possible When it comes to soybean cakes and meal, the second trader said: "it really bothers us The most affected are some small tempeh and tofu enterprises " "We rely on GSM guarantees because Indonesia's financial system is still in a mess, local banks require 100% cash deposits, which most local importers cannot do." On Thursday, Indonesian finance minister Boediono told Reuters that approval of the U.S credit guarantee plan is still in progress The GSM project refers to the US private bank providing mortgage credit to the approved overseas banks in order to provide financing for the sale of US agricultural products The credit guarantee program provided by the United States, together with the ban of grain import from South America by Indonesia, led to a sharp increase in the export of soybean meal from the United States to Indonesia in 2001, with the export volume surging from 250000 tons in the previous year to 700000 tons There was a delay in the government's approval of the credit plan, which was far beyond industry expectations As demand for feedstuff materials surged, industry insiders asked the government to seek $1 billion in GSM credit protein in the new year Last year, the United States raised the $500 million credit guarantee line previously allocated to Indonesia to $750 million.