HAMBURG: South Korea's Korea Corn Processing Industry Association (KOCOPIA) purchased about 60,000 tonnes of corn thought likely to be sourced from the United States in an international tender on Friday, European traders said.
The deal continues a surge in corn purchasing by South Korea, with just over 1 million tonnes bought in the last week, after prices fell.
"The sharp fall in Chicago corn prices since early June has presented a buying opportunity which some Asian buyers have taken advantage of," one European trader said. "I would not be surprised to see more buying next week."
KOCOPIA bought its corn on Friday at $220.40 a tonne c&f including surcharge for additional port unloading. The seller was South Korean trading house Posco Daewoo.
It was for shipment between Sept. 10 and Sept. 30 if sourced from the US Pacific North West coast or between Aug. 20 and Sept. 10 if sourced from the US Gulf. Arrival was scheduled for around Oct. 15.
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