South Korea’s MFG bought estimated 68,000 T of corn in private deal

South Korea’s Major Feedmill Group (MFG) has purchased an estimated 68,000 metric tons of animal feed corn in a private deal without issuing an international tender, European traders said on Friday.

It can be sourced from optional worldwide origins excluding the Black Sea region.

It was bought at an estimated $256.63 a ton c&f plus an additional $1.50 a tonne surcharge for additional port unloading.

Seller was believed to be trading house Pan Ocean with corn arrival in South Korea around March 10, 2024.

If sourced from the U.S. Pacific Northwest coast, shipment is sought between Feb. 2 and Feb. 23; if from the U.S. Gulf, shipment is sought between Jan. 15 and Feb. 3; from South America it is Jan. 10-29 and from South Africa the period is Jan. 20 to Feb. 8.

The precise volume to be supplied can vary according to origin. If the corn is sourced from South Africa, only 50,000 tons need be supplied.

The MFG also purchased about 115,000 tons of animal feed wheat in a private deal on Friday without issuing an international tender, European traders said.
Source: Reuters (Reporting by Michael Hogan, Editing by David Goodman)