Corn purchase prices at South Korean tenders increased by $9/t in a week

The South Korean company Nonghyup Feed Inc. (NOFI) held a tender for the purchase of 138 thousand tons of feed corn, in which it purchased only one batch of grain in the volume of 68 thousand tons with delivery by September 25 at a price of $ 278.49 / ton C&F, Reuters reports.

The purchase price was $9/t C&F higher than the purchase price at last week’s tender, where corn for delivery in September was also purchased.

In addition, according to Reuters, two more South Korean companies purchased 130,000 tons of feed wheat through private deals this week. Feed Leaders’ Committee (FLC) bought 55,000 tons of wheat from Cofco Corporation at a price of $290.99/ton C&F with a surcharge of $1.75/ton for unloading at the port, and Feedmill Group (MFG) bought 65,000 tons of wheat from the same Cofco at a price of $289.75/ton C&F with a surcharge of $1.5/ton for unloading at the port.

According to the terms of the contracts, the wheat can be of any origin, except China, Pakistan, Argentina, Denmark and the Russian Federation, and shipment cannot be made from the ports of Ukraine and the Russian Federation. Traders believe that the contracted wheat will be supplied from the Black Sea countries.

Rising demand for feed corn and wheat from one of the largest importers will help push up prices for the new crop.

Tags: tender, corn, South Korea, prices