South Korean milling group bought about 87,000 tons wheat from the US on Friday, traders say

HAMBURG: South Korean flour mills bought an estimated 87,000 metric tons of milling wheat to be sourced from the United States, in an international tender on Friday, European traders said.

Traders had estimated the purchase at 50,000 tons on Friday.

The purchase involved several different wheat types and was bought on a free on board (FOB) basis for shipments between July 1 and July 31, they said.

One 50,000 ton consignment was purchased from trading house Bunge.

It involved 26,500 tons of soft white wheat of 9.5% to 11% protein content bought at an estimated $235.05 a ton FOB, traders said.

It also included 9,720 tons of hard red winter wheat of 11.5% minimum protein bought at $262.05 a ton FOB and 13,780 tons of dark northern spring wheat of a minimum 14% protein bought at $276.05 a ton FOB, traders said.

A second 37,000 ton consignment was purchased from trading house United Grain Corporation.

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The second consignment involved 9,000 tons of soft white wheat of 9.5% to 11% protein content bought at an estimated $241.27 a ton FOB, traders said.

It also included 9,400 tons of hard red winter wheat of 11.5% minimum protein bought at $256.05 a ton FOB and 18,600 tons of dark northern spring wheat of a minimum 14% protein bought at $270.54 a ton FOB, traders said.

Reports reflect assessments from traders, and further estimates of prices and volumes are still possible later.