March 23, 2004

South Korea's CJ Corp To Buy 210,000MT US Soybean
 
South Korea's CJ Corp. is looking to buy 210,000 metric tons of U.S. soybeans in a Tuesday tender, a Seoul-based trader said.
 
CJ is looking to buy the new U.S. crop and is asking for offers for four cargoes for shipping from Sept. 1 to Nov. 5, ex Gulf, said the trader who received the tender notice.
 
However, this trader surmised that CJ could eventually end up buying only two cargoes totaling 105,000 tons as some of the shipping dates overlap.
 
"Their demand is one Panamax each month, and some of the shipping dates are in the same month, so this means they will choose the most competitive offer for one month," he said.
 
One Panamax vessel can carry up to about 55,000 tons of dead weight.
 
Results of the tender are expected later Tuesday, said the trader.