South Korea stockpiles corn
On July 23, two South Korean companies purchased feed corn, Reuters reported.
Major Feedmill Group (MFG) purchased 140,000 tons of feed corn (two lots of 65,000-70,000 tons) from CHS at an international tender. The first lot was purchased at $234.83 per ton C&F plus a $1.5 per ton surcharge for unloading at the second port. The second lot was purchased at $235.22 per ton C&F plus a $1.5 per ton surcharge for unloading at the second port. The first lot will arrive at the destination port by November 5, the second lot by November 15.
KFA purchased 67,000 tonnes of feed corn in a private deal at $236.29 per tonne. It is expected to arrive in Korea on October 30. If shipped from Gulf of Mexico ports, it will be between September 1 and 20, from South American ports between August 27 and September 15, and from South African ports between September 11 and 30. If shipped from US Northwest Coast ports, only 65,000 tonnes should be delivered between September 11 and October 10.
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