May 13, 2011

South Korea's NOFI buys 127,000 tonnes of corn for August

South Korea's largest feedmiller Nonghyup Feed Inc. (NOFI) has bought two cargoes of corn - 72,000 tonnes from Cargill at US$331.2 per tonne and 55,000 tonnes from Alfred C. Toepfer International GmbH at US$1.74 per tonne.

Both cargoes were purchased basis cost and freight for arrival by August 5 and August 20 respectively.

Last week, NOFI had passed on a tender to buy corn, anticipating a further fall in prices. Lowest offers in last week's tender were US$341 per tonne and US$344 tonne, C&F for cargo arrivals by August 20 and August 5.

CBOT July corn futures contract traded at an eight-week low of US$6.65 per bushel during Asian trading hours Thursday. Lower prices prompted buyers to lock-in supply.