South Korea’s MFG buys estimated 138,000 tonnes of corn

HAMBURG: South Korea’s Major Feedmill Group (MFG) has purchased an estimated 138,000 tonnes of animal feed corn to be sourced from South America and optional origins in an international tender on Tuesday, European traders said.

The first consignment of around 70,000 tonnes expected to be sourced from South America was bought at an estimated $339.50 a tonne c&f plus a $1.20 a tonne surcharge for additional port unloading.

Trading house Sierentz was believed to be the seller. A second consignment of about 68,000 tonnes to be sourced from any optional origins was bought at an estimated $339.83 a tonne c&f including a surcharge for additional port unloading. Trading house Cofco was believed to be the seller.

Arrival of the first consignment in South Korea was sought in the tender around May 7. But traders said an alternative earlier arrival around April 25 was agreed in talks with shipment from South America between Feb 25 and March 15. Arrival of the second consignment in South Korea was sought around May 20.