May 13, 2011

Major Feedmill Group purchases 142,000 tonnes of Corn

South Korea's Major Feedmill Group (MFG) bought two cargoes of 72,000 tonnes and 70,000 tonnes respectively at US$331.20/tonne, basis cost and freight on Thursday (May 12) from Cargill and Louis Dreyfus for arrival by August 1 and 15, trading executives said.

CBOT's most active July corn futures contract traded at an eight week low of US$6.65/bushel during Asian trading hours on Thursday (May 12). Lower prices prompted buyers to lock-in supply.

South Korean buyers purchased 269,000 tonnes of corn in total on Thursday (May 12).