South Korea's KFA buys about 128,000 T corn in tender

HAMBURG: The Korea Feed Association (KFA) purchased about 128,000 tonnes of corn to be sourced from optional origins in a tender that closed on Thursday, European traders said.

The corn was bought by the KFA's Busan section in two consignments.

The first was purchased at $204.99 a tonne c&f for arrival around July 20, plus a $1 a tonne surcharge for additional port unloading. The seller was trading house Pan Ocean.

The first consignment was expected to be sourced from the United States or South America.

The second consignment was purchased at $198.30 a tonne c&f for arrival around August 25, plus a $1.25 a tonne surcharge for additional port unloading.

The seller was trading house CJ International. The second consignment can be sourced at the seller's option from any worldwide origin, traders said.

The deal continues a series of major corn purchases by Korean importers as prices fell this week.

Chicago corn futures were down for a third consecutive session on Wednesday, dropping to a five-month low.