China has sold about 2 million tonnes of corn for shipment in the first two months of next year and up to 500,000 tonnes of wheat, helped by a rally in Chicago futures to Multi-year highs.
Traders and industry officials said on Monday Chinese suppliers had sealed the latest corn deals at around $165-$168 a tonne, FOB, with high freight rates and Chicago futures undermining the competitive edge of US grain in Asia.
Asked if more corn was available for exports, one trader in Beijing said: "There's no more." Another trader agreed, saying: "So far we haven't got any firm offers for shipment in March onwards but some people think they are going to sell."
It was not clear how much of the total was traded last week. The traders said 10 days ago China had sold 1.5-2 million tonnes since July for shipment between October and February.
With the US Department of Agriculture expecting global wheat stocks to shrink to the lowest level in a quarter century, CBOT wheat prices climbed to 10-year high and corn touched 2-year high last week.
The traders and industry officials heard China had sold up to 500,000 tonnes of feed wheat and milling wheat for exports last week as it was running out of space in warehouses due to a bumper harvest and large remaining stocks. They had no details.
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