HAMBURG: South Korea's largest feedmaker Nonghyup Feed Inc (NOFI) bought about 69,000 tonnes of corn expected to be sourced from the United States in an international tender that closed on Monday, European traders said.
It was purchased at $202.81 a tonne c&f plus a surcharge of $1.25 a tonne for additional port unloading.
The corn was for arrival in South Korea around April 10, 2019.
The corn was bought in one consignment and is expected to be shipped from the US Pacific Northwest coast. The seller was believed to be trading house Dreyfus, traders said.
Yellow corn equivalent to US number 3 grade or better was sought.
The tender had requested shipment in 2019 between March 3 and March 27 if sourced from the US Pacific Northwest coast, between Feb. 16 and March 7 if sourced from the US Gulf or eastern Europe, between Feb. 11 and March 2 if from South America or between Feb. 22 and March 12 if from South Africa.
NOFI purchased 138,000 tonnes of corn in its last reported tender on Nov. 16 at the higher prices of $206.00 and $207.21 a tonne c&f plus a $1.25 a tonne surcharge for additional port unloading.
South Korean importers Major Feedmill Group and Feed Leaders Committee also bought corn last week.
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