Price rise, foot-and-mouth disease and cautious food trade in Asia

Lead: Reuters June 3 (Reuters) - Asian food buyers are expected to cut back on food purchases this week as Chicago futures prices remain strong and a new case of foot-and-mouth disease is found in South Korea, traders said on Monday Pusan KFA, the Korean Feed Association, said: 'we need to buy corn that arrives in mid October and beyond, but because of new cases of FMD, we will buy it later On Monday, South Korea confirmed the discovery of the virus in a pig South Korea is trying to control the highly contagious disease, because the World Cup football match is going on in South Korea The disease is fatal to cloven hooves but harmless to humans Since May, South Korea's pig industry has suffered a lot from this So far, 114500 pigs have been slaughtered Taiwan's feed group said it would issue a bid on Wednesday to buy 56000 tons of American corn, scheduled for July Japanese feed producers this week will buy corn and soybeans on a July to September shipment Traders said that CBOT futures prices and rising prices will curb overall demand On Friday, CBOT corn futures rose driven by soybeans and wheat amid concerns about US corn production in 2002 Corn rose 6 cents, or 3%, to $2.14 in July last week, while new corn futures rose 8 cents, or 3.9%, to $2.30 in December A Japanese feed company official said that market buying was sluggish and that the premium could fall after foragers waited for the market to enter the sluggish summer On Monday, the U.S CNF price for corn shipped to Japan from July to September was 95 cents higher than the previous 91 to 93 cents on CBOT's July corn price A trader estimated that by the end of last week, Japanese buyers had purchased 30% of the total corn demand for the third quarter shipment They are slow to buy, usually by the end of May, they will buy 50% of the demand Rising prices have also hindered soybean purchases in Taiwan U.S soybean prices rose $1.10 in November, much higher than the 90 cents rise many importers can accept 'it doesn't seem appropriate to buy a lot at this time,' a Taipei trader said, referring to higher premiums and the usually sluggish summer Korean Corn Processing Industry Association (kocopia) plans to issue a bid on Tuesday for 52500 tons of edible corn, which will arrive in Renchuan port on August 20, traders in Seoul said In the wheat market, dongah flour Co., Ltd and Cheil jedang Co., Ltd will jointly issue a bid later this week to purchase 21000 to 23000 tons of us No 1 wheat, which will be shipped to Busan Port in July South Korea flour Co., Ltd is also considering issuing a bid to purchase 20000 tons of us No 1 wheat, which will be shipped to mupu port at the end of July (author:) share to feed Weibo share to: