South Korea's largest feed maker Nonghyup Feed Inc (NOFI) rejected all offers and made no purchase in an international tender for up to 69,000 tonnes of corn which closed on Thursday, European traders said. Prices were regarded as too high. The lowest offer was said to be $217.25 a tonne c&f plus an extra $1.00 a tonne surcharge for additional port unloading.
The offer was said to have been made by trading house Pan Ocean. The yellow corn had been sought by NOFI from optional origins in one consignment of between 50,000 to 69,000 tonnes for arrival in South Korea around September 5. "I think they had expected lower prices to be submitted following the inclusion of corn in the China/United States trade dispute," one European trader said.
"But corn prices were surprising firm today and did not continue Wednesday's fall." Chicago corn futures fell about 2 percent on Wednesday after China announced plans to impose import duties on key US commodities including corn and soyabeans.
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