South Korea’s NOFI buys estimated 137,000 T corn in tender

Leading South Korean animal feed maker Nonghyup Feed Inc. (NOFI) bought an estimated 137,000 metric tons of animal feed corn in an international tender on Friday, European traders said.

It was bought in two consignments both for August arrival in South Korea expected to be sourced optionally from the United States, South America or South Africa.

One 69,000 ton consignment was bought in the combination of the estimated outright price of $242.87 a ton cost and freight (c&f) included and partly at a premium of 175.93 U.S. cents a bushel c&f over the Chicago May corn contract, both with an extra $1.50 a ton surcharge for additional port unloading.

Seller was believed to be trading house Dreyfus.

The second 68,000 ton consignment was all bought at the estimated outright price of $ 247.99 a ton cost and freight (c&f) plus an extra $1.50 a ton surcharge for additional port unloading.

Seller was believed to be trading house Cargill.

Reports reflect assessments from traders and further estimates of prices and volumes are still possible later.
Source: Reuters (Reporting by Michael Hogan)