HAMBURG: Taiwan’s MFIG purchasing group bought about 65,000 metric tons of animal feed corn expected to be sourced from Brazil in an international tender on Wednesday, European traders said.
The yellow corn was purchased at an estimated premium of 161.20 US cents a bushel, cost and freight (c&f) included, over the Chicago December 2025 corn contract, they said.
The seller was believed to be trading house CJ International. Reports reflect assessments from traders and further estimates of prices and volumes are still possible later.
The tender was dominated by Brazilian corn, with a total of eight companies, each offering 65,000 tons.
Two offers each of 65,000 tons for US corn were reported, with the lowest at 176.20 cents over Chicago December said to have been submitted by trading house ADM, traders said.
One offer for 65,000 tons of Argentine corn was reported at 173.43 cents over Chicago December said to have been submitted by trading house ETG.
No offers were initially reported for South African corn.
Shipment was sought in the tender between August 19 and September 7 if the corn was sourced from the US Gulf, Brazil or Argentina, traders said. If sourced from the US Pacific Northwest coast or South Africa, the shipment was between September 3-22.
South Korea’s MFG buys 68,000 tons corn in private deal, traders say
The tender follows heavy Asian corn purchasing on Tuesday, especially by South Korean importers, after early week falls in Chicago corn futures.
Reported progress in trade talks between the US and China could also increase corn prices in the coming weeks if China again buys US grains, traders said.
Buying was also sparked by Asian importer concerns about rising costs for bulk carrier charters, which increase shipping costs.