February 6, 2004

South Korea Cancels US Soybean Purchase

A South Korean government agency which sought to buy 10,000 metric tons of soybeans of U.S. origin in a tender Friday decided against doing so as the offered prices were too high.

"There is no purchase today as the prices were very high," an official at the agency, the Agricultural and Fishery Marketing Corp., said late Friday.

The official declined to comment on the price levels that were offered.

A Seoul-based trader said market participants are unaware of the offered prices as well, except that they were made on a free-on-board basis.