July 19, 2006

South Korea's MFG buys up to 55,000 tonnes of corn

South Korea's Major Feedmill Group, or MFG, has bought up to 55,000 tonnes of optional-origin corn in private negotiations with trading house Cargill that concluded Tuesday (Jul 18), a Seoul trader said.

"Cargill can supply either 52,500 tonnes or 55,000 tonnes of corn. That option has been left to it," said the trader.

If the corn is of US origin it would be supplied at US$158.50/tonne, while the China-origin corn will be supplied at US$153.50/tonne, the trader said. 

Irrespective of origin, the entire corn shipment is expected to reach Kunsan Oct 25.