HAMBURG: South Korean feed maker Nonghyup Feed Inc (NOFI) has bought an estimated 207,000 tonnes of animal feed corn in an international tender that closed on Tuesday, European traders said. The corn was bought in three consignments of about 69,000 tonnes each, with all involving a combination of outright prices and premiums over Chicago corn futures.
The first consignment for arrival in South Korea around July 15 was bought at the outright price of $379.40 a tonne c&f plus a $1.50 a tonne surcharge for additional port unloading and at a premium of 197.50 cents a bushel c&f over the Chicago July corn contract. The seller was said to be trading house Cargill.
The second consignment for arrival in South Korea around July 25 was bought at the outright price of $377.55 a tonne c&f plus a $1.25 a tonne surcharge for additional port unloading and at a premium of 192.00 cents a bushel c&f over the Chicago July corn contract. The seller was said to be trading house Pan Ocean. The third consignment for arrival in South Korea around Aug. 1 was also bought at the outright price of $377.55 a tonne c&f plus a $1.25 a tonne surcharge for additional port unloading and at a premium of 192.00 cents a bushel c&f over the Chicago July corn contract.
The seller was said to be trading house Dreyfus. The tender had excluded the Black Sea region as a possible origin, with the conflict in Ukraine continuing to cut the country’s corn exports massively. Traders expected at least one consignment to be sourced from South America.
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