South Korean Kocopia buys corn

The Korea Corn Processing Industry Association (KOCOPIA) has bought 55,000 tonnes of corn for food from Japan's Marubeni via tender for arrival by May 10, 2012, traders said on Wednesday. It bought the US No 2 or better genetically modified (GM) yellow corn at $287.50 per tonne on a cost-and-freight basis, they said, adding that the cargo should be delivered to the ports of Incheon and/or Kusan.
The association last month purchased the same volume of corn at $291.88 per tonne on a cost-and-freight basis.