Japan has covered only 25% of its feed corn requirements for July-September shipments in anticipation lower prices to coincide with the upcoming U.S. harvest, executives said Thursday.

More than half of the purchases for July-September so far have been from South America and importers are hesitant to buy because they feel corn is overpriced, said a Tokyo-based importer.

The large premium the July contract is commanding over September and December has for many feedmillers, he added.

-By Sameer Mohindru, Dow Jones Newswires; 65 64154 085; sameer.mohindru@dowjones.com

(END) Dow Jones Newswires

May 17, 2012 05:49 ET (09:49 GMT)