March 9, 2004

South Korea's CJ Corp Fails To Buy 105,000 MT Soybeans In Tender

South Korea's CJ Corp. failed to buy the 105,000 metric tons of soybeans it sought in a tender, said a company official Tuesday.
 
The offers were "far from our target price", he said.
 
The tender, which closed Tuesday, sought two equal lots of 52,500 tons of Brazilian and U.S. No. 2 soybeans for loading at Santos port for shipment June 1-30 and July 10-30, either from the U.S. Gulf or the Pacific Northwest, the official said.
 
The date for the re-tender hasn't been set but he expects it to take place sometime this week or next.
 
Feb. 27, CJ Corp. failed to buy 52,500 tons U.S. soybeans as offers were estimated around 20% higher than those submitted in the previous tender.
 
Jan. 30, CJ bought 44,000 metric 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.
 
The shipment dates are April 21-May 10 from the Pacific Northwest.