March 3, 2004

South Korean Feed Groups Seek 262,500-315,000 MT Corn
 
Three South Korean feed groups sought to buy 262,500-315,000 metric tons of corn in private talks held Tuesday, according to traders.
 
Of the three, the Seoul branch of the Korean Feed Association has agreed to buy 52,500 tons of corn for June 10 delivery to Inchon, from U.S. trading house Cargill Inc., these traders said Wednesday.
 
The corn could be of U.S. origin - which would cost $187.90/ton, cost and freight basis - or Chinese origin, which would then cost $10/ton less, according to a KFA official.
 
The Busan branch of the Korean Feed Association and the Major Feedmill Group are seeking five cargoes of corn as well, with each cargo's size ranging from 42,000 tons to 52,500 tons, at sellers' option, said a Seoul-based trader.
 
KFA Busan is seeking cargoes for May 30 and June 20 arrivals, while MFG is seeking cargoes for May 20, May 30 and June 20 arrivals, said this trader.
 
However, the KFA Seoul official said he doesn't know whether KFA Busan and MFG have settled on their cargoes.