13 July 2012 08:58 [Source: ICIS news]
The prices were assessed as up by $20/cbm to $680-720/tonne (€558-590/tonne) CFR (cost & freight) northeast (NE) Asia during the week ended 11 July, reflecting high selling ideas of Brazilian cane-based product as a result of stronger corn futures in the US, according to data from ICIS.
Market players indicated softer buy-sell ideas during the week despite stronger corn futures in the
Corn futures on the Chicago Board of Exchange were settled at $7.506/bushel during the week ended 11 July, down by 10.2 cents from the previous day. However, the settlement was up from $7.186/bushel on 3 July.
The gains in the corn futures and overall weak Brazilian currency have led to a bullish selling sentiment in the Brazilian export market, with traders posting firmer indications at the low $700s/cbm CFR Ulsan.
However, buying interest was weak as end-users in
“Many traders are stuck with long positions for hydrous-grade ethanol, which was purchased when market prices were firmer.
“Storage tanks in
Lower offers of $685-693/cbm CFR Ulsan from
($1 = €0.82)
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