South Korea's MFG cancels tender for 55,000 tonnes of US corn

South Korea's Major Feedmill Group cancelled a tender to purchase 55,000 tonnes of US-origin corn late Wednesday, a trader with the company said Thursday (July 2).

The tender was issued Wednesday and closed at 0900 GMT the same day.

"There are widespread expectations in the market that corn prices will drop from here. Weather in the US is favourable, and the US Department of Agriculture's acreage report is also pointing toward further possible downside (in prices)," the trader said.

The USDA report, issued Tuesday, projected 2009 seeded acres at 87.035 million, a significant increase from its March estimate of 84.986 million acres.