Malaysia, Southeast Asia's biggest corn buyer, has sealed a deal to import 60,000 tonnes of corn from Argentina for March-April shipment, regional traders said on Wednesday. The contract was finalised at $128 a tonne, including cost and freight, which is even lower than the price of some Argentine deals finalised in recent weeks, they added.
"No supplier is able to compete with the kind of prices at which Argentina is offering cargoes," said one Singapore-based trader. "Not even China."
Regional traders added US corn cargoes were offered at around $150 a tonne, including cost and freight, and Chinese corn was offered at $137 a tonne to Southeast Asia.
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