January 07, 2004

South Korea Buys 52,500 MT Corn From Cargill

South Korea's Major Feedmill Group bought up to 52,500 metric tons, seller's option, of optional-origin corn via private talks Wednesday, said an MFG official.

The supplier was Cargill, Inc. at US$162.90 a ton for U.S. corn, or US$152.90/ton for Chinese corn, he said.

The prices were fixed on a cost-and-freight basis, the official said.

The cargo is expected to arrive March 30 at Incheon, he said.

It is highly likely that U.S. corn will be delivered since Chinese supplies are scarce, said the official.

Mid-December, MFG bought 25,000 tons of Chinese corn via private talks from Concordia Agritrading at US$156.95/ton, C&F, for December shipment to Kunsan.