S Korea joins buying spree for Black Sea new crop feed wheat

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Singapore —
, attracted by new crop Black Sea feed , has followed to join the buying spree amid falling global wheat .

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South ’s Major Feed Group on Wednesday purchased 68,000 mt of feed wheat at $209.90/mt CFR South , including second port premium, from Louis Dreyfus Co. for cargo arriving on September 5.

Nonghyup Feed Inc. in South Korea followed with a tender Thursday to buy 60,000 mt of feed wheat for arrival on September 10.

Thailand was the first in eastern Asia to move on new crop feed wheat purchases, according to S&P Global Platts data. Chicago wheat futures have dropped 7% since February 21.

The first new crop sale was made by Midstar to Thailand’s Betagro on February 27 for 60,000 mt at $213.50/mt CFR Linerout for shipment in July. On March 4, Thai Feed and Milling Association bought two feed wheat cargoes shipping in July at $211/mt CFR Lo . The sellers were Agrocorp and Al Ghurair for 58,000 mt and 61,000 mt, respectively.

Thailand’s Feed and Milling had passed its buy tender on Wednesday for September feed wheat shipment, with the sharpest offer between $210-$211/mt CFR Lo Bangkok, said. It was seeking prices closer to $200s/mt CFR Lo Bangkok, one source said.

Uncertainty in consumption of end-products, both locally and via , due to an evolving , was also a reason for the buying consortium to defer the forward purchase, another source said.

Source: Platts

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