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South Korea's KFA purchases 65,000 to 70,000 tons of corn, traders claim

European traders reported that the Korea Feed Association Incheon Section purchased between 65,000 and 70,000 metric tonnes of animal feed corn at an international auction on Wednesday.

They said that the corn could be sourced from South America, South Africa or the United States.

The purchase was partly made at an estimated outright cost of $245.80 per ton, including freight and costs (c&f), and partly with a premium 185.00 U.S. Cents per bushel c&f compared to the Chicago March 2025 Corn contract. The seller was thought to be CHS, a trading house.

Corn was purchased for delivery in South Korea on or around February 15, 2025. Traders said that the corn would arrive about 13 days sooner than requested in tender.

A second consignment of 68,000 tons, also requested in the tender, was not purchased. Incheon's section of the KFA is also called Feed Buyers' Group.

The reports reflect the assessments of traders, and it is still possible to estimate prices and volume later. (Reporting and editing by Rashmi aich, with Michael Hogan)

(source: Reuters)