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South Korean corn buying reaches 522,000 T on KFA deal

South Korean corn buying reaches 522,000 T on KFA deal

Fri June 01 2018

 

The Korea Feed Association (KFA) purchased about 60,000 tons of corn in a tender which closed on Friday, bringing a surge of South Korean corn purchases in the past two days to 522,000 tons, European traders said.

 

South Korea’s largest animal feed maker Nonghyup Feed Inc. (NOFI) purchased about 69,000 tons of corn and the Feed Leaders Committee (FLC) bought about 65,000 tons of corn, both in private deals on Thursday, traders said on Friday.

 

This was in addition to other deals totalling about 328,000 tons reported on Thursday.

 

Importers were bargain hunting after a fall in Chicago corn futures to one-month lows on Wednesday following a positive report on US crop conditions, traders said.

 

The KFA’s Busan section on Friday bought its corn in one consignment all at $222.94 a ton c&f plus a $1.25 a ton surcharge for additional port unloading.

 

Seller was thought to be trading house CHS, traders said.

 

The KFA tender on Friday sought shipment between Aug. 17 and Sept. 5 if sourced from the US Pacific North West coast, between July 28 and Aug. 16 if sourced from the US Gulf or east Europe, between July 23 and Aug. 11 from South America and between Aug. 2 and Aug. 21 if from South Africa.

 

Arrival was sought in South Korea around Sept. 20.

 

Source: Reuters

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