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South Korea's MFG purchases about 66,000 T corn in private offer

South Korea's Significant Feedmill Group (MFG) bought an estimated 66,000 metric lots of animal feed corn in a personal offer on Wednesday without issuing an global tender, European traders said.

It was anticipated to be sourced additionally from the United States, South America or South Africa.

One consignment was purchased an estimated $242 per ton cost and freight (c&& f) included plus an extra $1.25 a ton surcharge for additional port unloading.

The seller was believed to be trading house ADM with arrival in South Korea around Jan. 30.

Reports reflect assessments from traders and even more estimates of costs and volumes are possible later on.

Shipment was for Nov. 20-Dec. 20 if sourced from South America, for Nov. 25-Dec. 25 if from the U.S. Gulf, for Dec. 16-Jan. 15 if from U.S. Pacific Northwest coast or Dec. 1-Dec. 30 if from South Africa.

If sourced from South Africa, just 55,000 loads need be provided.

The deal followed 2 corn purchases by leading South Korean importer NOFI on Tuesday, one of 136,000 loads and one for 65,000 lots.

(source: Reuters)