South Korea’s NOFI buys corn in tender for up to 138,000 metric tons

Leading South Korean animal feed maker Nonghyup Feed Inc. (NOFI) has bought animal feed corn from optional origins in an international tender for up to 138,000 metric tonnes on Monday, European traders said.

The precise volume was unclear but said to be close to 138,000 metric tons, with some initial estimates at 136,000 tons. The corn was bought in two consignments both for the second shipment position sought with arrival around Nov. 25 in South Korea, they said.

One consignment was partly bought at the outright price of $240.70 a metric ton c&f, but with some bought at a separate premium of 113.69 U.S. cents a bushel c&f over the Chicago December 2023 corn contract CZ3, both with $1.25 a tonne surcharge for additional port unloading. Seller was believed to be trading house Viterra.

The second consignment was bought at the outright price of $239.54 a tonne c&f plus a $1.50 a tonne surcharge for additional port unloading. Seller was believed to be trading house Sierentz.
Source: Reuters (Reporting by Michael Hogan)