The Korea Feed Association (KFA) purchased about 120,000 tonnes of corn expected to be sourced from the United States in a tender which closed on Thursday, European traders said. This purchase underlines that US corn is looking about the cheapest in export markets," one trader said. The corn was bought in two 60,000 tonne consignments. One consignment for arrival around May 10 was purchased at some $203.49 a tonne c&f plus a $1.0 a tonne surcharge for additional port unloading, they said.
Seller was trading house Posco Daewoo, they said. Shipment was between April 6 and April 25 from the US Pacific North West Coast. A second consignment for arrival around June 5 was purchased at about $204.50 a tonne c&f plus a $1.0 a tonne surcharge for additional port unloading, they said. Seller was trading house Pan Ocean and the corn is for shipment between May 2 and May 21 from the US Pacific North West Coast. The tender from the KFA's Busan section had sought up to 130,000 tonnes of yellow corn of US number three grade or better.
South Korean importer NOFI rejected all offers and made no purchase in a tender for 69,000 tonnes of corn on Thursday with the lowest offer a $203.68 a tonne c&f plus a $1 a tonne extra surcharge for additional port unloading.
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