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South Korea’s NOFI buys 132,000 T corn from U.S., South America

Leading South Korean animal feed maker Nonghyup Feed Inc (NOFI) bought an estimated 132,000 metric tons of animal feed corn in an international tender for up to 138,000 tons on Tuesday, European traders said.

The corn was expected to be sourced from the United States and South America for April 2024 arrival in South Korea in two consignments, the traders said.

The first consignment of around 67,000 tons was expected to be sourced from South America, they said.

The traders said this consignment was bought from trading house CJ International at the estimated outright price of $262.49 a ton c&f and also partly at a premium of 179.00 U.S. cents a bushel over the Chicago May corn contract. Both have an extra $1.75 a ton surcharge for additional port unloading.

The consignment is for arrival in South Korea around April 1 with shipment from South America between Feb. 2-Feb. 21.

A second consignment of 65,000 tons was expected to be sourced either from the United States or South America.

It was bought from trading house Pan Ocean at the estimated outright price of $255.35 a ton c&f and also partly at a premium of 161.90 U.S. cents a bushel over Chicago May plus a $1.50 a ton surcharge for additional port unloading.

The second consignment is for arrival in South Korea around April 10. If sourced from the U.S. Pacific Northwest coast, shipment is between March 7-March 26, from the U.S. Gulf between Feb. 16-March 6 or from South America between Feb. 11-March 1.

If from South America, the seller can supply 68,000 tons.

Reports reflect assessments from traders and further estimates of prices and volumes are possible later.

Traders said Asian buying interest was sparked after U.S. corn futures fell on Monday to the weakest for a most-active contract since December 2020.
Source: Reuters (Reporting by Michael Hogan, editing by Raju Gopalakrishnan)

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