South Korea’s KFA buys 60,000 tonnes corn after cancelling tender- traders

The Korea Feed Association (KFA) purchased about 60,000 tonnes of animal feed corn in a private deal on Friday after previously cancelling an earlier purchase in an international tender, European traders said.

The corn was believed to have been bought by the KFA’s Busan section from trading house Bunge at an estimated price of $334.88 a tonne c&f based on an estimated premium of 179.64 U.S. cents a bushel c&f over the Chicago December corn contract CZ2 plus a $1.75 a tonne surcharge for additional port unloading.
The corn is expected to be sourced from either South America or South Africa with shipment in the full month of November.
This was below the price of $334.99 a tonne c&f in the KFA’s cancelled tender purchase on Thursday.
Source: Reuters (Reporting by Michael Hogan)