August 4, 2004

South Korea Flour Milling Co Buys 18,500 MT Wheat From Mitsubishi

South Korea's Korea Flour Milling Co. bought 18,500 metric tons of U.S. No. 1 wheat from Japanese trading house Mitsubishi in a tender concluded Tuesday, said a Seoul-based official of the company.
 
Korea Flour bought one cargo of assorted milling wheat at prices ranging from $146.70 - $166.91 a ton. Shipment is set between Oct. 15 and Nov. 15 from the Pacific Northwest, the official said.
 
All prices are on a free on board basis. The freight rate will be settled in separate negotiations between Korea Flour Milling and a local vessel charter company by the end of August.
 
The current average freight rate of an October shipment is around $44 - $45/ton, the official said.
 
Below are the details of Daehan's buy tender Tuesday:
 
Quantity                Variety                                                Prices
(tons)                  (% = protein percentage)                       ($/ton)
3,000                   Soft white 10.5%                                   146.70
5,500                   Soft white 8.5%                                     147.85
5,000                   Hard Red Winter 11.5%                          153.33
2,000                   Dark Northern Spring 14%                      164.20
3,000                   Dark Northern Spring 14.5%                   166.91