South Korean millers purchase around 50 thsd tons of US wheat

A group of South Korean flour milling companies has purchased around 50 thsd tons of U.S. milling wheat in an international tender, according to European traders. The wheat was bought on an FOB basis for shipment between December 1 and December 31.

Market participants believe the supplier was United Grain Corporation. The tender included several classes of U.S. wheat commonly used for flour production.

Soft white wheat with 9.5–11% protein was purchased at $260/ton FOB. Hard red winter (HRW) wheat with a minimum 11.5% protein content and Dark Northern Spring wheat with at least 14% protein were also bought at prices slightly above $300/ton FOB.

Traders noted that the reported purchase volumes and prices are preliminary and may still be revised. Such tenders are widely regarded as an important indicator of Asian demand for high-quality milling wheat.

Tags: South Korea, wheat