"On the surface, or Argentine beans, but the hidden danger is Asia's crisis could worsen along with Brazil, and that means demand would shrink again," said a trader at a European firm in Singapore.

"In any case, demand in Asia won't increase because of Brazil's crisis. I don't see much impact at the moment, not even in the near term," he said.

Many Southeast Asian countries have covered their soybeans and soymeals positions for nearby months, said another trader at a local trading house.

Indonesia may need meals for March, say 20,000 or 30,000 tonnes, but it won't be much," he said.

Malaysia and Thailand are covered for February/March while South Korea and the Philippines will look for May onward supplies, the trader said.

"The market may be slightly more active because of price competition, but we have to wait until after the Chinese New Year as most countries are well covered for now," said a third trader.

The Chinese New Year falls on February 16 this year.

In the corn market, traders said China was in the market to sell, at around $113 per tonne, but demand was thin. US corn was at around $110.

Indian soymeals were offered at around $155/$160, slightly lower than Argentine meals, and US meals were at around $170.

"Overall it's a bit quiet now and there are not many buyers, no matter how low prices are," said the trader at the European firm.