HAMBURG: Leading South Korean feedmaker Nonghyup Feed Inc. (NOFI) has issued an international tender to purchase up to 138,000 metric tons of animal feed corn, European traders said on Tuesday.
The deadline for submission of price offers in the tender is Tuesday, Jan. 9. Arrival of the corn in South Korea is sought in two consignments of 45,000 tons to 69,000 tons, both in May 2024.
Asian buying interest was sparked after US corn futures fell to their lowest in over three years on Monday as falling crude oil prices and crop-friendly rain in Brazil weakened markets, traders said.
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The first corn consignment in NOFI’s tender is sought for arrival in South Korea around May 10.
If sourced from the US Pacific Northwest coast, shipment is between April 6 and April 25, if from the US Gulf between March 17 and April 5, from South America between March 12 and March 31 or from South Africa between March 22 and April 10.
The second corn consignment is sought for arrival in South Korea around May 15.
If sourced from the US Pacific Northwest coast, shipment is between April 11-April 30, from the US Gulf between March 22-April 10, from South America between March 17-April 5 or from South Africa between March 27-April 15.
Offers were sought both in outright prices per ton c&f and at a premium over the Chicago May 2024 corn contract, traders said.
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