February 8, 2005

South Korea's MFG buys 105,000 MT corn from two firms

A member of South Korea's Major Feedmill Group has bought 105,000 metric tons of optional-origin corn from trading houses Cargill and Glencore in private negotiations concluded last week, according to a Seoul-based trader on Monday.

MFG bought two cargoes of 52,500 tons each at either $138.30 a ton for US or South American corn, or at $133.30/ton for Chinese corn.

Both prices are after cost and freight. Cargill sold the first cargo, while Glencore supplied the second.

The cargoes are to arrive in South Korea May 20 and June 10, respectively.