South Korea's largest feedmaker Nonghyup Feed Inc (NOFI) bought 199,000 tonnes of corn and 65,000 tonnes of feed wheat, both to be sourced from optional origins in an international tender which closed on Tuesday, European traders said. The corn was purchased in three consignments, they said. One consignment of 68,000 tonnes was purchased at $188.93 a tonne c&f plus a $0.95 a tonne surcharge for additional port unloading for arrival around July 10, they said.
The second consignment of 65,000 tonnes was bought at a premium of $1.15 c&f over the Chicago July corn contract plus a $1.0 a tonne surcharge for additional port unloading for arrival around July 20. A third consignment of 66,000 tonnes was purchased at a premium of $1.11 c&f over the Chicago July corn contract plus a $1.0 a tonne surcharge for additional port unloading for arrival around August 1.
The feed wheat was all bought at $204.50 tonne c&f plus a $1.25 a tonne surcharge for additional port unloading for June 20 arrival. South Korea's Korea Corn Processing Industry Association (KOCOPIA) also bought about 60,000 tonnes of corn to be sourced from optional origins in a tender which closed on Tuesday. Chicago corn futures fell for a sixth straight session on Monday, dropping about 1 percent on spillover pressure from a slide in wheat and on expectations of a large South American corn harvest. US wheat futures fell more than 2 percent on Monday on improving weather forecasts for the southern US Plains winter wheat belt.
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