June 14, 2006

 

South Korea purchases 165,000 tonnes of corn

 

 

South Korea is buying up to 165,000 tonnes of corn and 24,000 tonnes of wheat.

 

South Korea¡¯s Nonghyup Feed Inc, or NOFI, has bought 55,000 tonnes of optional-origin corn from trading house Louis Dreyfus in a tender concluded late Tuesday (Jun 13), a company official said.

 

The cargo will be supplied at a premium of US$1.23 US a bushel above the Chicago Board of Trade September contract, and would reach South Korea between Oct 7-26.

 

Meanwhile South Korea¡¯s Korea Corn Processing Industry Association, or Kocopia, has bought 165,000 tonnes of optional-origin corn from trading houses Cargill and Bunge in a tender concluded Wednesday (Jun 14), an association official said.

 

Cargill will supply 55,000 tonnes of corn of US/South American origin at US$159.44/tonne, or $149.44/tonne if the origin is China.

 

The shipment should reach Inchon Sep 30.

 

Bunge will supply 110,000 tonnes of corn of US/South American origin at US$160.87/tonne, or $150.87/tonne for China-origin corn.

 

While one shipment of 55,000 tonnes would reach Inchon Oct 20, the other will reach Ulsan or Kunsan Nov 5.

 

Meanwhile, three South Korean flourmills - Daehan, Daesun and Samhwa - have jointly bought 24,000 tonnes of US No. 1 wheat from trading house Cargill in a tender concluded Wednesday, a trader in Seoul said.

 

The entire wheat shipment would reach South Korea Aug 1-31.

 

All prices are in US dollars a tonne.:

  

  Quantity              Grade                  Protein content        Price (US$)

(in tonnes)                                       (in percentage)       

   8,200                Soft White                    10                     141.01

   2,100                Soft White                     8.5                   141.38

   3,700             Hard Red Winter              11.5                   192.82

 10,000         Dark Northern Spring           14.5                   199.72