South Korea's MFG buys 138,000 T corn in private deals

• The first, of 68,000 tonnes, was priced at an estimated $181.49 a tonne on a cost and freight (c&f) basis, plus a surcharge of $1.25 a tonne for additional port unloading.
• The second deal, for 70,000 tonnes, was also priced at an estimated $181.49 a tonne c&f, plus a surcharge of $1.25 a tonne for additional port unloading.

HAMBURG: South Korea's Major Feedmill Group (MFG) bought an estimated 138,000 tonnes of corn in private deals on Wednesday without an international tender being issued, European traders said.

The deals brought Asian corn buying reported on Wednesday to about 261,000 tonnes, with other purchases made by South Korea's Feed Leaders Committee and Taiwanese group MFIG.

Asian importers are active as Chicago corn futures remain around 3-1/2 year lows hit on Monday, weakened by prospects of massive US corn plantings and falling demand for corn-based ethanol, traders said.

Two purchases were made by the MFG.

The first, of 68,000 tonnes, was priced at an estimated $181.49 a tonne on a cost and freight (c&f) basis, plus a surcharge of $1.25 a tonne for additional port unloading.

Seller was believed to be trading house Pan Ocean. The corn was for arrival in South Korea around Oct. 5.

The second deal, for 70,000 tonnes, was also priced at an estimated $181.49 a tonne c&f, plus a surcharge of $1.25 a tonne for additional port unloading.

Seller was believed to be trading house Cofco. The corn was for arrival in South Korea around Oct. 25.