MFG buys estimated 271,000 T corn in tender, traders say
The corn was bought in four consignments
24 May 2024
2 minute read
By: South Korea's Major Feedmill Group (MFG) has purchased an estimated 271,000 metric tons of animal feed corn expected to be sourced mainly from South America or South Africa in an international tender on Thursday, Reuters reported, citing European traders.
The corn was bought in four consignments.
Traders said CJ International sold 67,000 tons with shipment between July 24 and Aug. 12 if sourced from South Africa for arrival in South Korea around Sept. 20 at $246.99 a ton cost and freight (c&f) plus a $1.25 a ton surcharge for additional port unloading.
Trading house Cofco sold 68,000 tons with shipment between Aug. 3 and Aug. 22 if from South America for Sept. 30 arrival at $246.64 a ton c&f plus a $1.50 a ton surcharge for additional port unloading.
Traders said Olam sold 68,000 tons with shipment between Aug. 1 and Aug. 31 if from South America for Oct. 10 arrival at $244.99 a c&f plus a $1.50 a ton extra port surcharge.
Trading house Scoular sold 68,000 tons for shipment if from South America between Aug. 15 and Sept. 15 with arrival around Oct. 25 at $244.99 a ton c&f plus a $1.50 a ton extra port surcharge.
Rising wheat prices on concern over weather damage to the crop in top exporter Russia have generated expectations of greater demand for cheaper corn.
Reports reflect assessments from traders and further estimates of prices and volumes are possible later.
