May 15, 2012

South Korea's Kocopia rejects corn tender

The Korea Corn Processing Industry Association (Kocopia) has rejected a tender on Friday (May 11) to import 55 kmt of food-grade corn for September 10 delivery, due to high costs.

The lowest offer was around US$299.45/tonne, basis cost and freight, by CJ International.

On April 19, Kocopia purchased 50 kmt of South American food-grade corn from CJ International at US$298.75/tonne, C&F, for arrival by August 25.

However, cash prices have since declined and importers are looking for cheaper offers.