South Korea's largest feedmaker Nonghyup Feed Inc. (NOFI) purchased an estimated 68,000 tonnes of corn in an international tender which closed on Friday, European traders said.
The grain can be sourced from optional origins. It was bought in one consignment at around $213.60 a tonne c&f plus a surcharge of $1.25 a tonne for additional port unloading. Seller was believed to be trading house ADM.
The corn was sought for arrival in South Korea around May 10. Yellow corn equivalent to US number 3 grade or better was sought in one consignment of between 45,000 and 69,000 tonnes. If sourced from the US Pacific Northwest coast, shipment was sought between April 7 and April 26, if from the US Gulf or eastern Europe between March 18 and April 6, if from South America between March 13 and April 1 or between March 23 and April 11 if from South Africa.
In its last reported tender on January 22, NOFI purchased an estimated 134,000 tonnes at $219.55 a tonne c&f and $218.88 a tonne c&f. Chicago corn futures fell about 1% on Thursday as concerns over the impact of coronavirus hit markets.