January 8, 2004

South Korea Looking to Buy 157,500 MT Corn In Tender

The Korea Feed Association is seeking offers by 0700 GMT Thursday to make a purchase of up to 157,500 metric tons of optional-origin corn in a tender, said a KFA official.

The corn will be divided into three lots each, ranging from 40,000-52,500 tons, seller's option, he said.

Wednesday, South Korea's Major Feedmill Group bought 45,000 or 52,500 tons, seller's option, of optional-origin corn via private talks. Cargill was the supplier, at US$162.90/ton for U.S. corn, or US$152.90/ton for Chinese corn. The cargo, fixed on a cost and freight basis, is expected to arrive March 30 at Incheon.

Following are the details of KFA's buy tender Thursday:

Quantity (Tons)       Date of Arrival              Port

40,000-52,500               Feb. 20               Enchain

40,000-52,500               March 5               Enchain

40,000-52,500               March 10             Enchain