March 17, 2005

South Korea's MFG buys 157,500 tonnes of corn from Huaxin

South Korea's Major Feedmill Group bought 157,500 tonnes of Chinese corn from Chinese trading firm Huaxin in private negotiations concluded late Wednesday, a Seoul-based trader said.

MFG bought three cargoes, each holding 52,500 tonnes of Chinese corn. Two cargoes are to arrive at the port of Incheon July 10 and July 25, while another cargo is to arrive at the port of Kunsan on July 5.

MFG will pay $141.90 a tonne for the two cargoes to arrive in Incheon and $141.50 a tonne for the third cargo, the trader said.

Both prices are after cost and freight.

Earlier in the day, MFG declined offers for optional-origin corn in a public tender when prices were too high.