HAMBURG: Leading South Korean feedmaker Nonghyup Feed Inc. (NOFI) purchased around 67,000 metric tons of animal feed corn in a private deal on Thursday without an international tender being issued, European traders said on Friday.
The corn was purchased at an estimated outright price of USD263.58 a ton cost and freight (c&f) included plus an extra USD1.75 a ton surcharge for additional port unloading.
The seller was said to be trading house Mitsui. The corn was for arrival in South Korea around August 10. If sourced from the US Pacific Northwest coast, shipment was between June 22 and July 22; if from the US Gulf, between June 2 and July 2; if from South America, between May 28 and June 27; or from South Africa, between June 12 and July 12.
The full 67,000 tons should be supplied if sourced from the US Pacific Northwest coast, the US Gulf with shipment via the Cape of Good Hope or South America.
If sourced from the US Gulf with shipment via the Panama Canal or from South Africa, only 55,000 tons need be supplied. South Korea’s Major Feedmill Group (MFG) also purchased about 134,000 tons of feed corn, partly from Mitsui, in another deal on Thursday.
Reports reflect assessments from traders, and further estimates of prices and volumes are still possible later.