South Korea's Major Feedmill Group (MFG) purchased about 69,000 tonnes of corn to be sourced from optional origins in an international tender which closed on Wednesday, European traders said. The corn was bought at $192.99 a tonne on a cost and freight (c&f) basis plus a $1.00 a tonne surcharge for additional port unloading for arrival in South Korea around August 21.
The seller was said to be trading house Glencore. The tender had sought offers for two consignments of up to 70,000 tonnes but only one was purchased. Shipment of the corn purchased was sought between July 18 and Aug. 6 if sourced from the US Pacific Northwest coast, between June 28 and July 17 if sourced from the US Gulf or Black Sea region/east Europe, between June 23 and July 12 if from South America or between July 3 and July 22 if from South Africa.
South Korean corn purchasing was brisk this week after Chicago corn prices fell sharply on fears about the global economic impact of coronavirus. South Korea's Korea Corn Processing Industry Association (KOCOPIA) purchased about 60,000 tonnes of corn to be sourced from worldwide optional origins in a tender on Wednesday.
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