South Korea’s NOFI tenders to buy 138,000 metric tons corn

Leading South Korean feedmaker Nonghyup Feed Inc. (NOFI) has issued an international tender to purchase up to 138,000 metric tons of animal feed corn to be sourced from optional origins, European traders said on Wednesday.

The deadline for submission of price offers in the tender is also Wednesday, Nov. 22.

Arrival of the corn in South Korea is sought in two consignments of 45,000 to 69,000 tons, in March and April 2024.

NOFI’s corn can be sourced from optional origins excluding Russia. Ports in Russia and Ukraine cannot be used for loading, traders said.

The first corn consignment in NOFI’s tender is sought for arrival in South Korea around March 23, 2024.

If sourced from the U.S. Pacific Northwest coast, shipment is between Feb. 18-March 8, if from the U.S. Gulf or Europe between Jan. 29-Feb.17, from South America between Jan. 24-Feb. 12 or from South Africa between Feb. 3-Feb. 22.

The second corn consignment is sought for arrival in South Korea around April 1, 2024.

If sourced from the U.S. Pacific Northwest coast, shipment is between Feb. 27-March 17, from the U.S. Gulf/Europe between Feb. 7-Feb. 26, from South America between Feb. 2-Feb. 21 or from South Africa between Feb. 12-March 2.

Offers were sought both in outright prices per ton c&f and at a premium over the Chicago May 2024 corn contract CK24, traders said.

NOFI has also issued a separate tender on Wednesday to buy about 65,000 tons of animal feed wheat.
Source: Reuters (Reporting by Michael Hogan, Editing by Louise Heavens)