As traders said, increasing price of corn causes Japan turn to cheap supply. Japanese importers had bought more than 3 ships corn fodder, totally 150 thousand tons and sailing date was in August.
So far CNF offer of sailing date in August of Brazilian corn is 350 dollars per ton, in contrast CNF offer of American corn is 365-370 dollars per ton.
Japanese importers said, Japan may buy more Brazilian corn this month.
Because August is year-end market and has been in very short supply, offer of American corn also increases. In July CNF offer of American corn is only 355 dollars per ton.
Japanese importers only buy corn less than 5% of sailing date from July to September and they expect price of corn to cut down in further. Buyers keep more concentration on corn sailing date from April to June. Until now buyers have finished 70% sailing date of April to June.
Last week International Grain Council increased the data of Brazil corn exports 1 million tons to 1.1 million tons in 2010/2011. Meanwhile they increased the data of Brazil corn production by 3.4% to 54.5 million tons, which was still less than 5.6 millions, the production of last year.
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