HAMBURG: The Busan section of the Korea Feed Association (KFA) in South Korea purchased around 65,000 metric tons of animal feed corn in a private deal on Friday without issuing an international tender, European traders said on Monday.
The corn can be sourced optionally from the United States, South America or South Africa and was bought at an estimated USD245.40 a ton cost and freight (c&f) plus a USD1.00 a ton surcharge for additional port unloading.
The corn is for arrival in South Korea around June 30. Seller was said to be trading house Columbia Grain International. If sourced from the US Pacific Northwest coast which some traders suspected, shipment is between May 22 and June 10.
If sourced from South Africa or the US Gulf, only 55,000 tons need be supplied. Reports reflect assessments from traders and further estimates of prices and volumes are still possible later.
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