HAMBURG: South Korea's largest feedmaker Nonghyup Feed Inc. (NOFI) has issued an international tender to purchase up to 138,000 tonnes of corn, European traders said on Wednesday. The tender continues a surge in Korean corn purchases which have exceeded 700,000 tonnes since early March after prices fell.
The tender deadline is also Wednesday, April 10. It is believed that only corn from the United States or South America was sought, they said.
NOFI is seeking yellow corn equivalent to US number 3 grade or better in two consignments of between 45,000 and 69,000 tonnes.
The first consignment was sought for arrival in South Korea around Nov. 20. Shipment was sought between Oct. 18 and Nov. 6 if sourced from the US Pacific Northwest coast, between Sept. 28 and Oct. 17 if sourced from the US Gulf, or between Sept. 23 and Oct. 12 if from South America.
The second consignment was sought for arrival around Nov. 30. Shipment was sought between Oct. 28 and Nov. 16 if sourced from the US Pacific Northwest coast, between Oct. 8 and Oct. 27 if sourced from the US Gulf, or between Oct. 3 and Oct. 22 if from South America.
Chicago corn fell to life-of-contract lows on Tuesday before recovering after the US Department of Agriculture forecast large unsold corn inventories in the United States at the end of the current season.
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