One week outlook of Asian corn market

Introduction: if the price is competitive, China will buy Argentine corn from the United States Osterdowjones, Singapore, March 18 news: on Monday, Asian corn traders said that South Korea may bid for feed corn this week, but the traders of feed processing industry do not want to explain the quantity of corn they will buy This week traders estimated that the FOB price of Chinese corn is between $98 and $100 per ton, the FOB price of American corn is between $90 and $92 per ton, and the FOB price of Argentine corn is at $85 per ton, the same as last week Market participants continue to express concern that China may not use up all the quotas issued under the WTO agreement China has issued 5.85 million tons of tariff rate quotas for corn in 2002, but it has not yet announced who has obtained them Traders say the amount of Chinese corn imports ultimately depends on how attractive international corn prices are to domestic users A COFCO official said China would buy corn from the United States and Argentina if it was shipped to Chinese ports, with freight and insurance costs roughly equal to the domestic market price The price of corn in China is about 1080 yuan per ton, equivalent to 130.43 US dollars per ton But Hong Kong traders said that China's actual import does not depend on the price of corn in the international market, but on the level of domestic corn inventory, because China's domestic corn price is much higher The export price of China's corn is generally set between us $107 and US $109 per ton, CIF in Southeast Asia Because of China's huge corn stock, traders are quite sure that China will continue to export corn As China's corn inventory is estimated to be about 50 million tons, and the corn production in 2001 / 02 reached about 110 million tons, China is expected to start to provide corn export in the second half of this year Taiwan bought 55000 tons of corn from Cargill last week, of which 37455 tons were purchased at CNF price of US $108.54 per ton, and 17545 tons were purchased at CBOT's may corn price plus 69.45 cents per bushel If the shipment is from the US Gulf of Mexico, the shipment is from April 21 to May 5 If the shipment is from the northwest port of the Atlantic, the shipment is from May 6 to 20, to Kaohsiung port or Taichung port Mlfg, a Taiwan feed corn purchasing group, also bought 55000 tons of American corn from agree in an earlier tender, of which 36500 tons were purchased at CNF price of US $109.69 per ton, and 18500 tons were purchased at CNF price of 69.69 cents per bushel on CBOT's may corn price If you ship from the U.S Gulf, the shipment is from April 11 to 25 If you ship from the northwest port of the Atlantic, the shipment is from April 26 to May 10.