SINGAPORE (Dow Jones) -- Asian grains buyers are turning toward corn from wheat to reduce costs and to take advantage of a drop in corn prices.
European corn is selling at a $30 to $40 a metric ton discount to wheat on a delivered basis in East Asian ports.
Wheat and corn are direct substitutes when making animal feed.
South Korean feed manufacturer Nonghyup Feed Inc., of Nofi, Monday cancelled a tender to import up to 60,000 tons of wheat citing prices above expectations.
Hamburg-based commodities trading company Alfred C. Toepfer International GmbH made the lowest offer at $276.74/ton. Earlier ...