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South Korea’s NOFI buys estimated 132,000 tonnes corn in tender

Leading South Korean animal feed maker Nonghyup Feed Inc. (NOFI) has bought an estimated 132,000 tonnes of animal feed corn expected to be sourced from South America in an international tender for up to 138,000 tonnes on Friday, European traders said.

The corn was bought in two consignments of 66,000 tonnes with trading house Cargill believed to be the seller of both, they said.

One was mainly bought at the outright price of $261.79 a tonne c&f, but with 16,500 tonnes bought at a separate premium of $1.5148 a bushel c&f over the Chicago December 2023 corn contract CZ3, all for Oct. 10 arrival in Korea, traders said.

The second consignment was mainly bought at the outright price of $260.69 a tonne c&f, but with 16,500 tonnes bought at a separate premium of $1.4868 a bushel c&f the Chicago December 2023 corn contract CZ3, all for Oct. 20 arrival in Korea.

Both consignments have an extra a $1.50 a tonne surcharge for additional port unloading.
Source: Reuters (Reporting by Michael Hogan)

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