HAMBURG: The Korea Feed Association (KFA) Busan section in South Korea purchased about 66,000 metric tonnes of animal feed corn on Saturday in a private deal without issuing an international tender, European traders said.
The KFA’s Busan section had rejected offers and made no purchase in an international tender for corn early on Friday but re-entered the market after Chicago corn futures fell to around 2-1/2 year lows late on Friday, traders said.
The corn in the private deal is expected to be sourced optionally from South America or South Africa with the seller free to select the origin.
It was purchased at an estimated $243.75 a metric ton c&f plus a $1.25 a tonne surcharge for additional port unloading. Seller was believed to be trading house Cargill.
Shipment was between Sept. 7-26 for arrival in South Korea around Nov. 5. If sourced from South Africa, only 50,000 metric tons need be supplied.
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