March 1, 2004

No Soybean Purchase For South Korea's CJ Corp In Tender

South Korea's CJ Corp. has not purchased any soybeans in a tender held Friday seeking 52,500 metric tons of U.S. soybeans, a company official, citing high offer prices.
 
The offers were "too high as we have expected," he said.
 
He estimated the offers received were around 20% higher than those submitted in its last tender.
 
Jan. 30, CJ bought 44,000 tons of U.S. No. 2 soybeans from Cargill Inc. at 19.9 U.S. cents a bushel over the Chicago Board of Trade's May soybean contract, cost and freight basis from the Pacific Northwest.
 
The shipment dates are April 21-May 10.
 
The official said CJ will let its suppliers know of its schedule for the next tender.