February 2, 2004

South Korea CJ Corp Buys 44,000 MT Soybeans From Cargill

South Korea's CJ Corp. has bought 44,000 metric tons of U.S. No. 2 soybeans from Cargill Inc. in a tender, said a company official Monday.

The deal was concluded late Friday at 19.9 U.S. cents a bushel over the Chicago Board of Trade's May soybean contract, cost and freight, he said.

The shipment dates are April 21-May 10 from Pacific Northwest, said the official.

The company, however, failed to buy 8,000 tons of No. 3 yellow corn in the same tender because of high prices. The official said the company will likely jointly buy the corn with other buying groups but no dates have been set yet.

Jan. 12, CJ Corp. bought 105,000 tons of soybeans from Cargill at 13 U.S. cents/bu under CBOT May, FOB. In that deal, the soybeans will be split into two equal lots of 52,500 tons for loading at Santos port. Shipment dates for the first cargo are April 1-30 and for the second cargo are May 1-31.