HAMBURG: South Korea's Major Feedmill Group (MFG) purchased an estimated 68,000 metric tons of animal feed corn expected to be sourced from South America or South Africa in a private deal on Thursday without issuing an international tender, European traders said.
It was bought at an estimated $249.99 a metric ton c&f plus a surcharge of $1.50 a metric ton for additional port unloading.
The seller was believed to be trading house Sierentz, with corn arrival in South Korea around Nov. 18.
South Korea’s NOFI tenders to buy 138,000 tonnes corn
Shipment from South America was between Sept. 20-Oct. 9 or from South America between Sept. 30-Oct. 19.
The seller has the option to select the origin. If South African origin is chosen, only 52,000 metric tons need be supplies.
Leading South Korean animal feed maker Nonghyup Feed Inc. (NOFI) also bought an estimated 68,000 metric tons of animal feed corn at the same price in an international tender for up to 138,000 tonnes on Thursday, European traders said.
Asian buying interest was sparked after a sharp overnight fall in Chicago corn prices on Wednesday, traders said.
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