Bangladesh to import 50,000 tons of wheat

In an attempt to boost reserves of wheat in Bangladesh, the state grain buyers yesterday issued a tender to import 50,000 tons of wheat. The last date for submission of offers is December 12, with validity until December 21, and the wheat is to be shipped in 40 days after signing the contract. The front-month Chicago Board of Trade wheat futures contract skidded to a 16-month low on Friday amid worries a global economic slowdown will sap demand.  However, the Bangladesh government has been struggling with high inflation running a double-digit rate despite bumper crops and good stocks. Read more ...

US Corn drops as Ukraine and EU intensify competition

Corn dropped in Chicago as larger crops in the Ukraine and European Union are gearing up for competition in the US export market. Wheat and soybean also declined, corn for December fell as much as 1.9 percent to US$6.435 (€4.613) a bushel on the Chicago Board of Trade. The grain added 9.5 percent this month, recovering some of September’s 23 percent plunge. Prices “could be under pressure due to lack of export demand” for US corn, Lynette Tan, an analyst at Phillip Futures Pte, said from Singapore. Read more ...

China's corn imports hits a tenth month high

According to data recently released by the General Administration of Customs, China's corn imports hit a 10 month high of 245,000 tons in August. "As the price of corn is declining in the international food market, we could use the imports to ease price hikes in the domestic market. This will also offer some help to the government in containing the surging CPI," said Ma Wenfeng, a senior analyst at Beijing Orient Agribusiness Consultant Ltd. Read more ...