Asian soybean meal Market: price rise leads to renegotiation (12.5)

OA show ('918 '); on Monday, suppliers of major soybean meal buyers in Asia said they hoped to continue negotiations with Indian exporters on some of the deals following the recent surge in international soybean meal prices DHG noted that higher Indian meal prices have led some South Korean Buyers to turn to Chinese soybean meal "Renegotiation of contracts with Indian exporters has begun, and I hope there will be more," said DHG, a Singapore based soybean meal and food trader Efforts need to be made to ensure that ships arrive in time "DHG but other suppliers say the scope of the problem is not very large Another soybean meal trader from DHG in Singapore said: "another negotiation is bound to happen Although Indian exporters find it difficult to get the goods to their destination at the price stipulated in the contract, I hope the volume will not be too large "After a new round of sales campaign launched by DHG in India in late August, with the increase of CBOT period price and the increase of demand, the price of soybean meal in India has increased by $30 per ton In some of the early deals DHG struck, the price of Indian soybean meal for December delivery was just over $200 a tonne But the current C & F offer in Southeast Asia is $230 per ton Some of DHG's Indian soybean meal exporters say prices have risen so far that they have no choice but to pass on the extra charges to traders who have signed contracts with destination buyers DHG cost sharing? "If prices don't rise, something will be settled on a fair basis," said an Indian soybean meal exporter We will not ask for renegotiation of the deal that has been concluded "Another DHG exporter added:" this is not to say that all the growth costs have to be increased We hope to have a good relationship with the buyers But it is not up to the exporter to bear all the losses "Both Singapore traders and Indian soybean meal exporters agree that there will be no delay in transportation, but buyers in Southeast Asian destinations are still praying for good luck DHG "now it's hard to say what's going to happen Let's wait and see "Said a soybean meal importer in Malaysia DHG traders say the rise in Indian meal prices has shifted South Korea, the main importer of Indian meal, to Chinese sources "South Korea recently bought a lot of soybean meal from India, but there is a limit to the price they are prepared to pay," said a trader in Singapore If there is cheaper Chinese soybean meal, why not? "On Friday, TS imported 6000 tons of soybean meal from China, with a protein content of 46.5%, according to traders in Seoul There are two operations, 3000 tons each and C & F less than $220 per ton A DHG trader said South Korea is in talks with China to import more Chinese soybean meal and could complete some of the deals this week CBOT soybean meal futures rose 13 percent in less than three weeks before closing lower on Friday, driven by profit closing