South Korea's KFA buys estimated 201,000 tonnes corn in tender

HAMBURG: The Korea Feed Association (KFA) purchased an estimated 201,000 tonnes of corn in an international tender which closed on Friday, European traders said.

The corn can be sourced optionally from the United States, South America or South Africa.

Some 68,000 tonnes was purchased at an estimated $305.31 a tonne c&f for arrival in South Korea around Aug. 25, traders said. Seller was believed to be trading house Cofco.

Shipment of the first consignment was sought from the US Pacific Northwest Coast between July 22 and Aug. 10, if from the US Gulf between July 2-21, from South America between June 28 and July 16, or from South Africa between July 7-26.

Another 65,000 tonnes was said to have been purchased at an estimated $304.66 a tonne c&f for arrival in South Korea around Sept. 20, traders said. Seller was believed to be trading house Olam.

Cofco also sold some 68,000 tonnes for the Sept. 20 arrival period also at $305.31 a tonne c&f, traders said.

Shipment of the second consignment was sought from the US Pacific Northwest Coast between Aug. 17 and Sept. 5, from the US Gulf between July 28 and Aug. 16, from South America between July 23 and Aug. 11, or from South Africa between Aug. 2-21.

No purchase was reported of a third consignment of up to 68,000 tonnes also sought in the tender for arrival around Oct. 15, traders said.