South Korea's MFG bought 60,000 tonnes corn last week

HAMBURG: South Korea's Major Feedmill Group (MFG) purchased about 60,000 tonnes of corn in a private deal last week without issuing an international tender, European traders said on Monday. It was purchased at around $184.50 a tonne c&f for prompt shipment with arrival in South Korea around April 25.

There is an extra $1.25 a tonne surcharge for additional port unloading.Seller was said to be trading house Cargill. The corn was likely to be sourced in South America.

Korean corn buying reached about 600,000 tonnes in past weeks following weakness in Chicago corn futures.