South Korea’s KFA tenders to buy up to 68,000 metric tons corn

The Korea Feed Association (KFA) has issued an international tender to purchase up to 68,000 metric tons of animal feed corn to be sourced from optional origins excluding Europe and the Black Sea region, European traders said on Tuesday.

The tender closes on Tuesday, Dec. 5, they said.

One consignment was sought for arrival in South Korea around April 20, 2024.

If sourced from the U.S. Pacific Northwest coast, shipment should be between March 17-April 5, if from the U.S. Gulf between Feb. 26-March 16, from South America between Feb. 21-March 11 or from South Africa between March 2-March 21.

The tender from the KFA’s Incheon section, also known as the Feed Buyers’ Group, seeks price offers in outright terms per ton cost and freight included and also at a premium over the Chicago March 2024 corn contract CH24.

The KFA Incheon section purchased some 65,000 tons of corn in its previous tender on Nov. 29.

Asian corn buying has been brisk in the past week after U.S. corn futures on Nov. 27 fell to their weakest for a most-active contract Cv1 since December 2020. However, prices have risen slightly in past days.
Source: Reuters (Reporting by Michael Hogan; Editing by Mrigank Dhaniwala)