May 29, 2007

South Korea buys 110,000 tonnes of corn from Mitsubishi Corporation

Feed makers from South Korea have bought up to 110,000 tonnes of optional-origin corn from Mitsubishi last week on private negotiations, traders said on Monday (May 28).

The purchase was split into two lots of up to 55,000 tonnes each for December 10 and November 30 arrivals.

The trading house agreed to deliver the first lot to the Korea Feed Association's regional members in Pusan at US$222.50 per tonne, including cost and freight, for US or South American corn, or US$214.50 for Chinese corn.

South Korea's Major Feedmill Group purchased the second lot at $222.30 per tonne for US or South American corn, or $214.30 for Chinese corn.