South Korea has purchased up to 60,000 tonnes of soya meal

South Korea’s Major Feedmill Group (MFG) purchased between 50 and 60 thsd tons of soybean meal in an international tender held on August 12. The tender allowed the commodity to be sourced from any origin.

According to market participants, the cargo was sold by Chinese agribusiness trader COFCO. The purchase price was around $415.81/t C&F, including an additional charge for unloading at the port.

Delivery of the soybean meal to South Korea is scheduled to be completed by November 25, 2026. The purchase is expected to cover part of the country’s feed industry’s demand in late autumn.

The origin of the soybean meal was not specified in the deal. Market participants expect the most likely sources to be the United States, China or South American countries, which are among the world’s major suppliers of soybean products.

MFG regularly enters the international market with tenders for feed ingredients. The results of such tenders provide an important benchmark for the Asian market, reflecting current prices and competition among major soybean meal suppliers for South Korean import demand.

Tags: South Korea, soybean, grain market