KOREA BEAN-BUYING TIED
TO TIGHT CHINA SUPPLIES
TOKYO - Large South Korean purchases of U.S. soybeans early this month reflect expectations that Chinese soymeal export supplies will remain tight, said traders here and in South Korea.
Although South Korea has been quiet in the international market this week, it could return soon to buy more U.S. soybeans for crushing if prices move lower, they said.
"South Korean crushers are happy to crush soybeans because of China," said one trade-house dealer here.
The lack of Chinese soymeal means that South Korea's soybean processors are crushing more soybeans to supply the feed industry with soymeal.
The trader said Chinese soymeal was cheaper than soymeal from the US and India - which South Korea's feeders have been buying in place of Chinese origin. More expensive meal imports now are encouraging crushers to import soybeans.
BOLIVIA TO ALLOW IMPORTS
OF SUGAR TO CUT PRICES
LONDON - Bolivia is to allow imports of sugar after pressure from local soft drink manufacturers complaining about high domestic prices, the Financial Times reported.
Fernando Campero, Bolivian exports minister, was reported Friday as saying domestic sugar prices would be set by the international market in the future.
Sugar producers, based mainly in the Santa Cruz region in the eastern part of the country, claim the government's decision will lead to bankruptcies.
Mr. Campero said the move was sparked by recent "unjustified" price increases by the domestic sugar industry, the paper reported.