South Korea’s MFG bought some 68,000 T corn in private deal – traders

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

It was expected to be sourced from either the United States, South America or South Africa. It was bought at an estimated $254.99 a ton c&f including a surcharge for additional port unloading.

Seller was believed to be trading house Cargill with corn arrival in South Korea around May 9, 2024. Shipment if sourced from the U.S. Pacific Northwest coast would be between March 25 and April 24.

If the corn is sourced from South Africa, only 50,000 tons need be supplied.
Source: Reuters (Reporting by Michael Hogan)