HAMBURG: South Korea’s Major Feedmill Group (MFG) has issued an international tender to purchase up to 140,000 tonnes of animal feed corn, European traders said on Tuesday.
The deadline for submission of price offers in the tender is believed to be Wednesday, July 6. The corn is sought in two consignments of between 55,000 to 70,000 tonnes with the seller free to decide the volume offered in this range, they said.
The first consignment is sought for arrival in South Korea around Oct. 27. Shipment was sought between Sept. 3 and 22 if sourced from the US Gulf or Black Sea region/east Europe, between Sept. 23 and Oct. 12 from the US Pacific Northwest coast, between Aug. 29 and Sept. 17 from South America or Sept. 8 and 27 from South Africa. The second consignment is sought for arrival in South Korea around Nov. 3. Shipment was sought between Sept. 10 and 29 if sourced from the US Gulf or Black Sea region/east Europe, between Sept. 30 and Oct. 19 from the US Pacific Northwest coast, between Sept. 5 and 24 from South America or Sept. 15 and Oct. 4 from South Africa.
Purchase interest among Asian traders has been simulated by a slump in US corn futures in Chicago last week, traders said. Chicago most-active corn futures traded last week below their levels after Russia’s Feb. 24 invasion of Ukraine.
This was partly because of better-than-expected rain forecasts in portions of the US Midwest grain belts which should bolster crop prospects, and after the US Department of Agriculture reported US corn plantings and quarterly grain stocks above consensus estimates.