Taiwan grain traders said yesterday corn purchases for December shipment may accelerate this week, reflecting concerns over possible further freight rate rises.
"We will move up corn tenders for December shipments as there may be more freight rate hikes in the near term," said a trader in a major corn buying group.
The trader said the group would discuss this week with individual buyers the exact quantity of corn they needed before placing the tender.
The group was likely to buy two more corn shipments for December arrival, but the trader said a precise tender date had yet to be set.
Agents contacted yesterday quoted rates for Panamax-class vessels between the US Gulf of Mexico and Japan at US$23.093 a ton compared to US$21.464 a month earlier.
Rates for Panamax-class shipments between the US Pacific Northwest and Japan had risen to US$14.243 a ton from some US$12.536 a month earlier.
Shipping agents said the freight rates would retain gains through the year-end or possibly January 2000 on the back of active vessel demand.
"Further rises are expected as the US export high season would prompt importers to place more orders," said a Japanese shipping agent based in Taipei.
Similarly, Taiwan Sugar Corp will tender this week for a combined shipment of 18,000 tons of US corn and 12,000 tons of US soybeans, traders said.
The shipment will be bought on a C&F basis, and will be slated for delivery between Nov. 5 and Dec. 5, a Taiwan Sugar official said. The official said an exact date for the tender was yet to be decided.
In the wheat market, the Taiwan Flour Mills Association will tender on Tuesday for 30,800 tons of US wheat for arrival between Nov. 10 and 25, traders said.
The state-owned Taiwan Tobacco and Wine Board will tender on Nov. 5 for 66,000 tons of barley for use in beer brewing, traders said.
The board originally said it would place the tender in early October.
Traders said shipments for the tender would be specified for six periods -- 14,000 tons in April, 14,000 tons in June, 12,000 tons in August, 10,000 tons in October, 10,000 tons in December and 6,000 tons in February 2002.
The Central Trust of China will conduct the tender on behalf of Taiwan Tobacco and Wine Board.
In the soybeans market, buyers were expected to stay on the sidelines this week as they had bought well into January.
The Taichung division of Taiwan's Breakfast Soybean Procurement Association bought a 54,000-ton shipment of US soybeans for January delivery at a tender last Tuesday at US$0.86 a ton over January futures.
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