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

HAMBURG: South Korea’s Major Feedmill Group (MFG) purchased around 68,000 metric tons of animal feed corn in a private deal late on Friday in addition to a previous purchase earlier in the day of 135,000 tons in an international tender, European traders said on Tuesday.

The 68,000 tons is expected to be sourced optionally from the United States, South America or South Africa. The corn was bought at an estimated USD250.50 a ton cost and freight (c&f) plus a USD1.50 a ton surcharge for additional port unloading.

It was said to have been bought from trading house CHS with arrival in South Korea around July 15.