South Korea’s MFG buys about 136,000 T corn in tender
The purchase will be used for animal feed
13 October 2023
2 minute read
By: South Korea's Major Feedmill Group (MFG) purchased an estimated 136,000 metric tons of animal feed corn in an international tender on Wednesday, Reuters reported, citing European traders.
The tender sought corn in two consignments for arrival in South Korea in February 2024.
The first consignment was bought at an estimated outright price of $252.30 a ton c&f plus a $1.50 a ton surcharge for additional port unloading. The seller was believed to be trading house Pan Ocean.
The second consignment was bought at an estimated outright price of $255.90 a ton c&f, also plus a $1.50 a ton surcharge for additional port unloading. The seller was believed to be trading house Sierentz.
Results reflect assessments from traders and further estimates of prices and volumes are still possible later.
The first consignment was expected to be sourced from worldwide origins excluding Russia or cargo loaded in Russia and Ukraine.
Shipment of the first consignment for arrival in South Korea around Feb. 6 was sought for Jan. 3-22 if sourced from the US Pacific Northwest coast; between Dec. 14-Jan. 2 from the US Gulf and from east Europe/the Black Sea region; for Dec. 9-28 from South America; or from Dec. 19-Jan. 7 from South Africa.
If the first consignment is sourced from South America or the US Pacific Northwest coast, 68,000 tons will be supplied. If sourced from east Europe 60,000 tons, 55,000 tons if from the US Gulf and 50,000 tons from South Africa.
The second consignment for arrival in South Korea around Feb. 16 was expected to be sourced either from South America or South Africa.
Shipment was between Dec. 19-Jan. 7 from South America or from Dec. 29-Jan. 17 from South Africa. Only 52,000 tons need be supplied if South African origin is supplied.
