Asia Grains-Pakistan sells corn, buyers eye Black Sea wheat: Reuters

By Naveen Thukral

SINGAPORE, July 3 (Reuters) - Pakistan sold around 15,000 tonnes of corn this week mainly to Malaysia as supplies from India dried up, while Asian wheat importers bought 20,000 tonnes of Black Sea wheat on competitive prices and tight Australia supplies.

Pakistan sold corn cargoes in containers at around $190 a tonne, including cost and freight for prompt shipment and more deals are likely as India's export season is nearing an end, regional traders said.

"Pakistani exporters are in the market, negotiating deals," said a Singapore-based grains trader. "I think they will be active, but we don't expect big deals as the market is very volatile."

Traders said Asian grain importers were buying hand-to-mouth, importing smaller quantities in containers on weakening global prices.

"Not many want to take a bulk delivery when the market is falling so much," said a trader who sells wheat and corn cargoes in Asia.

Benchmark Chicago Board of Trade corn futures Cc1 fell to their lowest level in more than four months due to forecasts for crop-boosting weather around the U.S. Midwest and wheat Wc1 hovered around a 3-½ month low on harvest pressure.

While wheat has lost a quarter of its value since the beginning of June, corn is down 22 percent.

"Chicago corn is giving jolt to all the grains," said another trader. "Corn supply prospects have improved and it is pulling everything down."

South Korea was active this week, buying 165,000 tonnes of U.S. and worldwide corn this week, but traders said imports are likely to slow down in the coming weeks.

For more on this article, please click on the following link: Asia Grains-Pakistan sells corn, buyers eye Black Sea wheat: Reuters