South Korea’s MFG buys some 68,000 tons of corn

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 Tuesday without issuing an international tender, European traders said.

It was bought at a premium estimated at 185 US cents a bushel c&f over the Chicago March 2024 corn contract. Seller was believed to be trading house Cargill with corn arrival in South Korea around Jan. 20, 2024, and shipment if sourced from South America between Nov 12 and Dec 11.

If the corn is sourced from South Africa, only 50,000 tons need be supplied.