May 12, 2011

South Korea buys 55,000 tonnes of corn

The Korea Corn Processing Industry Association (Kocopia) has bought 55,000 tonnes of optional-origin corn from Hamburg-based Alfred C. Toepfer International GmbH.

The corn was purchased at around US$341 a tonne, cost-and-freight, for arrival by Sept. 5, trading executives said on Wednesday (May 11). The price includes the cost of unloading part of the cargo at a second port.

South Korean companies are aggressively seeking corn for August and September arrival to take advantage of a recent downward correction in prices, as they expect the market to rally again on weather concerns in the US.

The US is the world's largest corn exporter with a more than 50% share in global trade.