Two South Korean importers buy 133,000 T corn in deals

• The last reported South Korean corn purchase was 134,000 tonnes bought by feedmaker NOFI on Jan. 22 at $219.55 and $218.88 a tonne c&f.
• The MFG's corn is sourced from the U.S. Gulf or the east Europe/Black sea region, shipment is sought between Feb. 27 and March 27.

HAMBURG: Two South Korean importers purchased about 133,000 tonnes of corn in private deals without international tenders being issued, European traders said on Wednesday.

The corn can be sourced from optional origins.

The Major Feedmill Group (MFG) bought about 68,000 tonnes at $214.99 per tonne c&f plus a surcharge of $1.25 a tonne for additional port unloading. Trading house ADM was believed to be the seller.

If the MFG's corn is sourced from the U.S. Gulf or the east Europe/Black sea region, shipment is sought between Feb. 27 and March 27.

If from the U.S. Pacific Northwest coast, shipment is sought between March 16 and April 16 or if sourced from South America, between Feb. 22 and March 22. The FLC sought arrival in South Korea around May 1.

In another deal, the Feed Leaders Committee (FLC) purchased about 65,000 tonnes at $216.74 tonne c&f plus a surcharge of $216.74 a tonne for additional port unloading for arrival around April 15. Trading house CHS was said to be the seller.

If the FLC's corn if sourced from the U.S. Gulf or east Europe/Black Sea region, shipment is sought between Feb. 20 and March 11, if from the U.S. Pacific Northwest coast March 11 and March 31 or if from South America between Feb. 16 and March 6. The FLC sought arrival in South Korea around April 15.

Purchasing by South Korean and other major Asian importers has been generally quiet this week because of the Lunar New Year holiday.

The last reported South Korean corn purchase was 134,000 tonnes bought by feedmaker NOFI on Jan. 22 at $219.55 and $218.88 a tonne c&f.

U.S. corn futures in Chicago have weakened since then on fears about the impact of the coronavirus and lack of evidence China has increased grain purchasing in the U.S. despite the initial trade deal between the two countries.