Home Commodity Market News South Korea’s NOFI buys 138,000 tonnes of corn

South Korea’s NOFI buys 138,000 tonnes of corn

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HAMBURG: South Korean animal feed maker Nonghyup Feed Inc. (NOFI) has bought an estimated 138,000 tonnes of animal feed corn in an international tender which closed on Thursday, European traders said.

The corn was bought for arrival in South Korea in two 69,000 tonne consignments in November in a combination of outright prices and premiums over Chicago corn futures.

The corn is expected to be sourced from South America and/or South Africa. Both consignments were bought at an estimated premium of 225 US cents a bushel c&f over the Chicago December 2022 corn contract and at an outright price of $319.45 plus a $1.75 a tonne surcharge for additional port unloading. The seller of the first consignment for arrival around Nov. 10 was believed to be trading house Bunge.

Shipment of the consignment from South America was sought for Sept. 12-Oct. 1 or from South Africa for Sept. 22-Oct.11. The second consignment for arrival around Nov. 15 was said to have been sold by Cargill. Shipment of the consignment was sought for Sept. 17-Oct. 6 from South America or from South Africa for Sept. 27-Oct. 16. About half of each consignment was sold at a premium and half at the outright price.

Asian importer interest in corn was sparked after Chicago corn fell again on Thursday as forecasts for rains in dry parts of the US Midwest raised hopes of a bumper crop. South Korean importer group MFG is also tendering for corn on Thursday.

South Korea’s NOFI buys 138,000 tonnes of corn

Source: Brecorder

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