Indonesia eyes Indian meal amid Argentine ban talk

By siliconindia   |   Friday, 17 October 2003, 19:30 IST
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SINGAPORE: Indonesia is looking to import about 70,000 tonne of Indian soymeal for shipments in November and December, a senior feed trade official said on Thursday. Traders said Indonesia was stepping up purchases of Indian soymeal amid market talk that Jakarta may have restricted imports of Argentine grain and oilseed shipments following an outbreak of foot-and-mouth in the South American nation. "Indonesian buyers are examining the Indian offers," general secretary of the Indonesian Feedmillers Association Fenni Firman Gunadi told Reuters. Gunadi said Indonesia had recently snapped up deals for a few Indian cargoes, but did not give exact prices. "There is not much choice now. US prices are also too high." CBOT soy futures this week jumped to near six-year highs on concerns about tight US soy supplies amid strong global demand. On Wednesday, CBOT soymeal settled in a range of down $2.80 per ton to up 40 cents, with December down $2.80 at $218.40 and January down $2.20 at $215.60 per ton. Funds and commercials were net sellers. Some regional traders said Indian soymeal was offered at more than $260 a tonne C&F Southeast Asia for December shipment.