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But one feed makers group has issued grains tenders.
Traders said most importers felt it was too early to judge
price directions since the Chicago Board of Trade (CBOT)
resumed trading only last Thursday after a two-day shutdown and
because of uncertainty tied to the United States' pledge to
wage war against the attackers.
"Grain prices might fall sharply, if the United States
begins war. So most importers have adopted a wait-and-see
attitude," a Seoul trader said.
Another trader said: "For the delivery of those U.S. grains
under contracts, no change has been made since the attack."
Cheil Jedang Corp <01040.KS> and Dongah Flour Mills Co Ltd
could reinvite tenders this week to buy 22,600 tonnes of U.S.
No.1 wheat for shipment between October 25-November 25 to the
port of Pusan, traders said.
"We plan to reinvite tenders this week but first we will
see the grain price movements (at the CBOT) on Tuesday before
confirming the reinvitation," an official with one of the
issuers, who declined to be identified, told Reuters.
The two flour makers passed last Wednesday on the tenders
due to a lack of offers with the CBOT closed. Regarding the
passed tenders, Dongah sought 8,800 tonnes at fixed prices,
while Cheil sought 13,800 tonnes at basis prices over December
futures on major U.S. exchanges, including the CBOT.
CORN AND OTHER TENDERS SCHEDULED
Despite uncertain price direction on the CBOT, the National
Agricultural Cooperative Federation (NACF) has invited tenders
to buy 50,000 tonnes of Chinese corn, 22,000 tonnes of Indian
soymeal and 2,200 tonnes of Chinese cottonseed meal for arrival
in November and December. The NACF tenders will close at 0500
GMT on Tuesday.
Korea also has two scheduled tenders this week to buy rice
under a World Trade Organisation (WTO) agreement while results
are expected for other rice tenders closed last week.
As issued last month, the state-run Public Procurement
Service (PPS) will close a tender to buy 20,000 tonnes of short
grain brown rice by 0130 GMT on Tuesday. Shipment for the
tender is to be completed by December 7 to a Korean port.
The Agricultural and Fishery Marketing Corporation (AFMC)
also will close a tender to buy 22,520 tonnes of short grain
brown rice by 0200 GMT on Thursday as issued early this month.
Its shipment is to be completed by December 15 to a Korean
port.
The 2001 import quota for South Korea under the WTO
agreement totals 142,520 tonnes of brown rice -- equivalent to
128,000 tonnes of white rice after milling.
Freight rates for panamax-sized vessels for spot shipment
from the Pacific Northwest rose sharply to $11.40 per tonne
from $10.50 a week earlier in line with rising oil prices after
the terror attack, a trader at South Korea's Pan Ocean Shipping
Co said.
Spot freight rates from the U.S. Gulf were also up at
$18.20-$18.30 per tonne from $17.80 a week earlier, he said.
Reuters Terminal users can see Asian cash grain, oilseed
and meal prices and recent deals by double clicking on the
codes in brackets:
South Korea deals - |
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