March 16, 2004

South Korea Feed Group Buys 50,000 MT Corn

South Korea's Major Feedmill Group bought 50,000 metric tons of corn via private talks late last week, an MFG official said Monday.
 
One lot of 25,000 tons of Indian or Chinese corn was purchased from Wilmar for Incheon delivery at US$178.80 a ton, cost and freight, for arrival on June 15.
 
The other lot of 25,000 tons of Indian corn was bought from Concordia Agritrading at US$179.90/ton, C&F, for arrival on June 20 to Kunsan.
 
In a tender Feb. 12, MFG bought 52,500 tons of U.S. and/or South American corn at $184.80/ton, cost and freight basis, from Cargill Inc. for April 30 at Incheon port.
 
But if the corn is sourced from China, MFG will pay $174.98/ton, C&F.