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South Korean groups purchase about 130,000 tons corn, traders claim

Major Feedmill Group and Cargill Agri Purina, both South Korean buyers, purchased approximately 130,000 metric tonnes of animal feed corn at an international auction on Thursday.

MFG is believed to have bought about 63,000 tonnes at a cost and freight estimate of $232.10 per ton plus an additional $1.25 for port unloading. Trading house Agrex was thought to be the seller.

Origin was not mandatory, but it was expected that the product would be sourced either from South America or South Africa and arrive in South Korea by January 5.

Traders said that MFG and its member Cargill Agri Purina had both sought out offers.

Cargill Agri Purina is believed to have bought another 67,000 tonnes at an estimated $245.41 per ton c&f, and also a premium 204.4 U.S. Cents per bushel c&f compared to the Chicago December corn contracts.

Both are subject to a $1.25 surcharge per ton for port de-loading. It was thought that the seller is CJ International. Corn arrived in South Korea in January.

The reports reflect the opinions of traders, and it is possible to estimate prices and volume later. (Reporting and editing by David Goodman.)

(source: Reuters)