HAMBURG: Leading South Korean animal feed maker Nonghyup Feed Inc (NOFI) bought an additional 65,000 metric tons of animal feed corn late on Tuesday after purchasing 136,000 tons in an international tender earlier in the day, traders said on Wednesday.
The tender on Tuesday had sought up to 207,000 tons of corn in three consignments of up to 69,000 tons, with a purchase of two consignments made.
But NOFI undertook additional negotiations later on Tuesday and bought one more 65,000-ton consignment from trading house Pan Ocean.
Like the previous purchases, the 65,000-ton consignment was expected to be sourced optionally from the United States, South America or South Africa, European traders said.
It was bought at an estimated premium of 197.50 US cents a bushel cost and freight (c&f) included over the Chicago March 2025 corn contract.
The purchase has an additional $1.50 a ton surcharge for additional port unloading.
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The consignment was for arrival in South Korea around Feb. 10, 2025.
If sourced from the US Pacific Northwest coast, shipment is between Jan. 8-Jan. 27, from the US Gulf between Dec. 19-Jan. 7, from South America between Dec. 14-Jan. 2, or from South Africa between Dec. 24-Jan. 12.
Reports reflect assessments from traders and further estimates of prices and volumes are still possible later.
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