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South Korea's NOFI purchases about 68,000 tonnes of corn in tender, traders claim

The European traders reported that the leading South Korean animal feed manufacturer Nonghyup Feed Inc. purchased a total of 68,000 metric tons of animal 'feed corn at an international auction seeking up to 138,000 tonnes on Tuesday.

The corn was bought in one shipment for arrival in South Korea on or around September 25.

The price was $278.49 per ton, cost and freight. Plus a $1.50 surcharge for additional port unloading.

The traders reported that the bid for a?second corn?consignment? also requested in the tender was rejected, and no purchase was made.

The purchased corn shipment was to be shipped from either the U.S. Pacific Northwest coast between August 17, and September 5, or the U.S. Gulf between July 28, and August 16, or South America between July 23, and August 11, and South Africa between August 7, and August 26.

NOFI bought feed wheat at a tender held on Tuesday.

The reports reflect the assessments of?traders, and it is still possible to estimate?prices and volumes later. Reporting by Michael Hogan, Hamburg. Mark Potter (Editing)

(source: Reuters)