HAMBURG: South Korea's Major Feedmill Group (MFG) purchased about 132,000 tonnes of corn to be sourced from optional origins in an international tender that closed on Tuesday, European traders said.
It was bought in two consignments.
The first of 65,000 tonnes was purchased at $217.99 a tonne c&f from trading house ADM for arrival in South Korea around Oct. 15.
The second consignment of 67,000 tonnes was purchased at $219.50 a tonne c&f from trading house Cofco for arrival in South Korea around Oct. 29.
Both purchases include a surcharge for additional port unloading. Traders said they had been informed in advance by the MFG that no offers over $220 a tonne c&f would be accepted.
For the first consignment, if the corn is sourced from the US Gulf shipment was sought between Aug. 22 and Sept. 10, if from the US Pacific North West coast between Sept. 11 and Sept. 30, from South America between Aug. 17 and Sept. 5, from the Black Sea region between Aug. 22 and Sept. 10 or from South Africa between Aug. 27 and Sept. 15, traders said.
For the second consignment, if the corn is sourced from the US Gulf shipment was sought between Sept. 5 and Sept. 24, if from the US Pacific North West coast between Sept. 25 and Oct. 14, from South America between Aug. 31 and Sept. 19, from the Black Sea region between Sept. 5 and Sept. 24 or between South Africa between Sept. 10 and Sept. 29.
US corn futures fell more than 2 percent on Monday, the biggest single-day slide for the most-active contract in almost seven weeks, on favourable US crop weather and escalating trade tensions between the United States and China.
Several South Korean importers including the MFG last week bought over half a million tonnes of corn after prices fell.
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