South Korea’s NOFI buys an estimated 140,000 T of corn, traders say

Leading South Korean animal feed maker Nonghyup Feed Inc. (NOFI) bought an estimated 140,000 metric tons of animal feed corn in an international tender on Wednesday, European traders said.

The corn was purchased in two 70,000 ton consignments.

One consignment was bought at an estimated outright price of $238.84 a ton cost and freight (c&f) from trading house Dreyfus for April 5 arrival in South Korea.

The second was bought at an estimated outright price of $238.89 a ton c&f from CHS for April 10 arrival.

Both have an additional $1.25 a ton surcharge for additional port unloading.

Reports reflect assessments from traders and further estimates of prices and volumes are still possible later. Shipment of the consignment for April 5 arrival was sought if sourced from the US Pacific Northwest coast for March 3-22, from the US Gulf for Feb. 11-March 2, from South America for Feb. 6-25 or from South Africa between Feb. 16 and March 7.

If the consignment is sourced from South Africa, only 52,000 tons need be supplied. Shipment of the consignment for April 10 arrival was sought if sourced from the US Pacific Northwest coast for March 8-27, if from the US Gulf between Feb. 16 and March 7, from South America between Feb. 11 and March 2 or from South Africa between Feb. 21 and March 12.

Lingering concern about Chicago corn prices being pushed up by dryness damaging Argentina’s corn crop despite some rain forecast in the country have prompted some Asian corn buying interest, traders said. NOFI also purchased about 65,000 tons of feed wheat in an international tender on Wednesday.

Tags: South Korea, animal feed corn, tender, price