South Korea buys feed corn
Today, August 6, South Korean Major Feedmill Group (MFG) held a tender to purchase 140 thousand tons of feed corn from South America or South Africa.
In fact, 68 thousand tons of feed corn on a C&F basis were purchased from Bunge. According to traders, the grain will be delivered to South Korea from South America by November 15, 2025.
According to the terms of the tender, the first batch should be shipped from South America on September 7-26 or from South Africa on September 22-October 11 and arrive in South Korea by November 10, 2025. The second batch should be shipped from South America on September 12-October 1 or from South Africa on September 27-October 16 and arrive in South Korea by November 15, 2025.
Traders reported that there are currently few offers to sell corn in South American ports, which has made it difficult to participate in the tender and reduced the final purchase volume.
The incentive for Asian importers to purchase corn was a decline in corn futures contracts due to optimistic harvest forecasts in the United States.
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