Asia Grains-Black Sea wheat lures South Asia millers

* Bangladesh, Sri Lanka buy Black Sea wheat

* Indian millers may buy wheat from Russia, Ukraine

* Corn, soymeal buyers turn to South America

By Mayank Bhardwaj

NEW DELHI, Nov 28 (Reuters) - Indian millers may buy wheat from Russia and Ukraine despite overflowing domestic granaries and hopes of a bumper harvest, as imports from the Black Sea region are cheaper, traders said.

Neighbouring Bangladesh and Sri Lanka have already bought some Black Sea origin wheat but volumes are forecast to surge.

Traders say the origin is more more competitive than Australian supplies because of falling freight rates.

Lower freight has also turned the region's corn and soymeal purchasers -- Malaysia, Indonesia, Vietnam, Japan and South Korea -- to Brazil and Argentina, traders said.

India, which allows duty-free imports of wheat by users like flour and biscuit manufacturers, may slap an import tax if it sees large scale purchases.