HAMBURG: Leading South Korean feedmaker Nonghyup Feed Inc (NOFI) purchased up to 65,000 metric tons of animal feed corn in a second private deal on Thursday without an international tender being issued, European traders said on Friday.
The corn was expected to be sourced from either South America or South Africa and was in addition to a first private deal for about 68,000 tons on Thursday.
The corn in the second deal was said to have been purchased in a combination of an estimated outright price of USD292.79 a ton cost and freight (c&f) with 10,000 tons of the total also bought at a premium of 194.72 US cents a bushel c&f over the Chicago March 2027 corn contract.
The seller was believed to be trading house Mitsui. The deal is for 55,000 to 65,000 tons, with the total volume to be declared by October 15.
Shipment from South America was between October 18 and November 17 and from South Africa between November 2 and December 2. Reports reflect assessments from traders and further estimates of prices and volumes are possible later.
The deal continued brisk purchasing by Korean grain importers on Thursday, with importers having delayed purchases in recent weeks in the hopes of falling international prices. But with prices remaining firm and public holidays in Korea next week, importers have decided to make purchases, traders said.
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