March 4, 2005

South Korea CJ Corp buys 20,500 tonnes US wheat from Mitsubishi

South Korea's CJ Corp. and Dongah Flour Mills Co. have bought 20,500 metric tons of US No. 1 wheat from trading house Mitsubishi in a joint tender that concluded on Thursday, said a Seoul-based company official.

The companies bought one cargo of U.S. milling wheat to be shipped between April 1- April 30 from the Pacific Northwest to the port of Incheon, the official said.

The companies bought 7,300 tons of Soft White Wheat at 55.13 US cents a bushel, 2,300 tons at 62.34 US cents/bushel and 800 tons at 103.60 US cents/bushel over the Chicago Board of Trade's May contract.

The 3,500 tons of Hard Red Winter wheat were purchased at 76.87 US cents/bushel over Kansas City Board of Trade's May contract, and the remaining 6,600 tons of Dark Northern Spring wheat were bought at 139.10 US cents/bushel over Minneapolis Grain Exchange's May contract.

Below are the details of the buy tender Thursday:

Quantity          Variety                                Prices
(tons)                                                        ($/ton)
7,300             Soft White 10.5% protein      55.13 over CBOT May
2,300             Soft White 9.5% protein        62.34
800               Soft White 8.5% protein        103.60
3,500             Hard Red Winter                  76.87 over KCBT May
6,600             Dark Northern Spring           139.10 over MGE May