South Korea's MFG buys about 131,000 tonnes corn-trade
- The first, of about 66,000 tonnes, was bought at about $188.99 a tonne c&f plus a $1.25 a tonne surcharge for additional port unloading, the traders said.
- The seller was believed to be trading house Olam, with arrival in South Korea around Nov. 25.
HAMBURG: South Korea's Major Feedmill Group (MFG) purchased an estimated 131,000 tonnes of corn to be sourced from optional origins in an international tender that closed on Tuesday, European traders said.
The corn was purchased in two consignments, they said.
The first, of about 66,000 tonnes, was bought at about $188.99 a tonne c&f plus a $1.25 a tonne surcharge for additional port unloading, the traders said.
The seller was believed to be trading house Olam, with arrival in South Korea around Nov. 25.
The second consignment, of about 65,000 tonnes, was bought at an estimated $189.55 a tonne c&f plus a $1.25 a tonne surcharge for additional port unloading, the traders said.
The seller was believed to be trading house CHS, with arrival in South Korea around Dec. 30.
The prices were regarded as aggressively low, traders said.
Shipment of the first consignment for November arrival was sought between Oct. 2 and Oct. 21 if sourced from the US Gulf or Black Sea region/east Europe, between Sept. 27 and Oct 16 if from South America, or between Oct. 7 and Oct. 26 if from South Africa.
Shipment of the second consignment for December arrival was sought between Nov. 6 and Nov. 25 if sourced from the US Gulf or Black Sea region/east Europe, between Nov. 1 and Nov. 20 if from South America, or between Nov. 11 and Nov. 30 if from South Africa.
Yellow corn equivalent to US number three grade or better was sought.
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