HAMBURG: South Korea’s Korea Feed Association (KFA) had issued an international tender to purchase up to 138,000 metric tons of animal feed corn to be sourced from optional origins, European traders said on Thursday.
The deadline for submission of price offers in the tender is also Thursday, Dec. 7.
The corn was sought by the KFA’s Busan section for arrival in South Korea in two consignments of between 50,000 tons and 69,000 tons each in March and April 2024.
Asian corn buying has been brisk in the past week after US corn futures on Nov. 27 fell to their weakest for a most-active contract since December 2020.
However, corn prices have risen slightly in past days Traders said Asian importers often make purchases ahead of the US Department of Agriculture (USDA) world supply-and-demand reports, with the next due on Friday, as these can cause market turbulence.
The first consignment sought by the KFA Busan for arrival around March 25 was for shipment between Feb. 20 and March 10 if the corn is sourced from the US Pacific Northwest coast, between Jan. 31 and Feb. 19 if from the US Gulf, Jan. 26-Feb. 14 if from South America or between Feb. 5 and Feb. 24 if from South Africa.
South Korea’s KFA tenders to buy up to 68,000 metric tons corn
The second consignment for arrival around April 25 was sought for shipment between March 22 and April 10 if the corn is sourced from the US Pacific Northwest coast, between March 2 and March 21 if from the US Gulf, between Feb. 26 and March 16 if from South America or between March 7 and March 26 if from South Africa.
Offers were sought both in outright prices per ton c&f and at a premium over the Chicago May 2024 corn contract, traders said.
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