February 20, 2006

South Korea's Kocopia buys up to 101,000 tonnes corn in tender

Seoul-based Korea Corn Processing Industry Association, or Kocopia, bought up to 101,000 tonnes of optional-origin corn from trading houses Bunge and ADM in a tender concluded Friday, a South Korean trader said.

Kocopia bought the first cargo of non-genetically modified corn at US$156.69 a tonne of US or South American origin or US$146.69/tonne of Chinese origin, the trader said.

Bunge can supply either one 55,000-tonne cargo of US or South American origin, or one 52,500-tonne cargo of Chinese origin, or a combination of both, the trader said.

ADM sold one cargo of 46,000 tonnes of non-GM corn at US$154.84/tonne of US or South American origin or US$144.84/tonne of Chinese origin, the trader said.

All prices are after cost and freight.

The first cargo is to be shipped to the port of Incheon May 25 and the other to Kunsan and Ulsan June 5.